CommBank‘s strong financial position provides extended support to customers

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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Matt Comyn

Full year 2024 results

Results at a glance

  • Delivering for shareholders

    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.

  • Strengthening Australia

    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.

  • Balance sheet strength

    The Common Equity Tier 1 (CET1) capital ratio was 12.3 per cent, well above the minimum regulatory requirement. 

  • Deposit funding

    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). 

Supporting customers

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.

Family using computer

Protecting communities from scams and fraud

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:

  • Market-leading anti-scam technologies such as NameCheck, which indicates whether the account details look right when making a first-time payment. Used 57 million times in FY24, this technology prevented more than $410 million in mistaken payments (including an estimated $40 million in scam payments) and was made available to institutions including Bendigo Bank, Satori and Liink by J.P.Morgan.
  • Partnering, and sharing technology and intelligence: Banks, telcos and social media companies need to work together to stop scammers. We’re the first bank to integrate and share information into a new “anti-scam intelligence loop” making it faster to report and remove scams, and we’re collaborating with Telstra, Optus and Vodafone – for example, on SMS blocking and scam call interception. We’re also sharing our technology and intelligence with other organisations.
  • Strengthening customer awareness: In FY24 we proactively contacted 8.4 million customers to build scams awareness.
Man using computer

Best digital experiences

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.

Woman using phone

Continuous business banking innovation

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:

  • As of 30 June 2024, there are more than 109,000 Smart terminals in market. More than 3,400 health providers are enrolled in Smart Health, and Smart Hospitality processed over $90 million in integrated payments in FY24.
  • Stream Working Capital, which allows businesses to access funds tied up in unpaid invoices and manage fluctuations in their cash flow, has provided more than $100 million in funding as of the end of FY24.
  • In June, we announced CommBank Yello will be extended to our business customers in coming months.
Small business owner

FY24 analyst briefing photos for media

Photo credit: Nic Long for Commonwealth Bank

Matt Comyn

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CFO Alan Docherty and CEO Matt Comyn (landscape)

Matt Comyn

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CFO Alan Docherty and CEO Matt Comyn (landscape)

Matt Comyn

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CEO Matt Comyn (landscape)

Matt Comyn

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CFO Alan Docherty and CEO Matt Comyn (landscape)

Matt Comyn

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CFO Alan Docherty and CEO Matt Comyn (landscape)