Full Year 2024 Commonwealth Bank of Australia Earnings Call Transcript
Key Points
- Commonwealth Bank of Australia (CBAUF) delivered $8 billion in dividends, benefiting more than 13 million Australians.
- The bank invested over $800 million to combat fraud, scams, financial, and cybercrime, reducing customer scam losses by more than 50%.
- CBAUF maintained strong liquidity, funding, and capital positions, with a capital ratio of 12.3%, well above regulatory requirements.
- The bank's customer focus led to an increase in retail transaction accounts by 5% and business transaction accounts by 9%.
- CBAUF's digital ecosystem continues to grow, with the CommBank app having over 8.5 million active users and the CommBank Yello rewards program engaging over 8 million customers.
- Operating expenses increased by 4.1% over the year, driven by inflationary pressures and higher technology spend.
- Net interest income fell despite 3.4% growth in average interest-earning assets due to competitive pressure on margins.
- Loan impairment expenses were $802 million, with an increase in arrears across home loans, credit cards, and personal loans.
- The bank expects further increases in arrears in the coming months due to continued pressure on household disposable incomes.
- Competitive intensity in the banking sector remains high, impacting both lending and deposit margins.
Hello, and welcome to the results briefing for the Commonwealth Bank of Australia for the year ended June 30, 2024. I'm Melanie Kirk, and I'm Head of Investor Relations. Thank you for joining us.
For this briefing, we will have presentations from our CEO, Matt Comyn, with an overview of the business and the results as CFO, Alan Docherty, will provide the details on the results, and Matt will then provide an outlook and summary. The presentations will be followed by the opportunity for analysts and investors to ask questions.
I'll now hand over to Matt. Thank you, Matt.
Thank you, Mel, and good morning, everyone. It's great to be with you today.
This year, we've continued to focus on supporting our customers, investing to protect the community, and providing strength and stability to the broader economy. We know many of our customers are finding it harder and harder to deal with the higher
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