Commonwealth Bank profits soar as borrowers are hit with the steepest interest rate rises in three decades
- Commonwealth Bank’s cash net profit after tax soared by 11 per cent in 2021-22
- Australia’s biggest home lender announced full-year net profit of $9.595billion
- The bank’s chief executive Matt Comyn received a $6.968million remuneration
Commonwealth Bank profits have soared as borrowers are being hit with the steepest interest rate rises in almost three decades.
Australia’s biggest home lender has revealed its cash net profit after tax surged by 11 per cent, to $9.595billlion, in the year to June 30.
The result covering the 2021-22 financial year included the Reserve Bank’s May and June interest rate rise.
In May, June, July…