Help & support
Cost of living assistance and anti-scam and fraud measures expanded as CBA announces annual profit that also delivers sustainable returns to shareholders.
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The final dividend is $2.50 per share, delivering a total dividend for FY24 of $4.65 per share fully franked – an increase of 15 cents on the previous year. This represents a full-year payout ratio of 79 per cent of the bank’s cash earnings. The final dividend is expected to be paid to shareholders on or around 27 September 2024.
As Australia’s largest home lender, we helped 120,000 Australian households buy a home in FY24, and funded $50 billion to home builders, developers and tradies. More than one in four Australian businesses now count CBA as their main financial institution, and in FY24 we lent $39 billion to businesses to help them grow and create jobs. We’ve returned $8 billion to shareholders in dividends and share buy-backs, benefitting over 13 million Australians.
The Common Equity Tier 1 (CET1) capital ratio was 12.3 per cent, well above the minimum regulatory requirement.
The bank continues to satisfy a significant portion of its funding requirements from customer deposits, which account for 77 per cent of total funding (75 per cent in FY23).
We know many of our customers are finding it tough dealing with the high cost of living, and we’re here to support them. We’ve provided 132,000 tailored payment arrangements to help with cost of living pressures for those most in need, and as a financial safety net, more than 6 million customers are eligible to access up to $2,000 in credit with no interest and no monthly fees, to provide both confidence and reassurance.
Every month, 3 million customers use our money management tools to help feel in control of their money. These include Money Plan, Bill Sense, Cash Flow View and Spend Tracker, all accessible in the CommBank app.
We’re also hosting almost 1,000 free financial wellbeing seminars at branches across Australia this year to help strengthen financial literacy and empower customers to make more informed decisions.
Helping customers stay safe from scams and fraud by improving early detection and prevention is among our highest priorities, and there is always more to do. We invested more than $800 million in FY24 to protect customers against frauds, scams, cyber and financial crime, and CommBank customer scam losses halved in FY24 following measures including:
CommBank is committed to global best digital experiences and technology to build deeper, stronger customer relationships. The CommBank app, Australia’s most popular banking app, now has 8.5 million active users – up from 7.8 million at the end of FY23. The average app user logs in 41 times every month, three more times per month than one year ago. Since June, customers can search, book and pay for travel in the CommBank app via Travel Booking, which offers data-driven solutions for the best deal.
More than 5 million customers are now engaged with CommBank Yello, one of Australia’s largest customer recognition programs, which provides access to personalised benefits like cashbacks, discounts and prize draws.
In September, kids’ pocket money app Kit launched new in-app forms of learning to help young people accelerate their financial capability. The app now has 61,000 customers.
CommBank is the main financial institution for more than one in four businesses in Australia. Ways our business bank has extended its leadership through strong customer relationships and continuous innovation include:
Photo credit: Nic Long for Commonwealth Bank