Help & support
Commonwealth Bank will maintain and increase where necessary its support for customers after a challenging 2023 caused by cost-of-living pressures that are expected to continue well into this calendar year, CBA CEO Matt Comyn said today.
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The interim dividend is $2.15 per share, fully franked – an increase of 5 cents on the corresponding period last year. This represents a payout ratio of 72 percent of the bank’s half year cash net profit after tax earnings. The interim dividend is expected to be paid to shareholders on or around 28 March 2024.
As Australia’s largest home lender, we helped more than 60,000 customers buy a new home in the half year. We also supported businesses to grow by providing $18 billion in new business lending. As Australia’s leading bank for savings, we hold over 26 per cent of all household deposits.
The Common Equity Tier 1 (CET1) capital ratio was 12.3 per cent at 31 December 2023, representing approximately $10 billion in excess of minimum capital requirements.
The bank continues to satisfy a significant portion of its funding requirements from customer deposits, which account for 75 per cent of total funding. Customer deposits are considered the most stable source of funding.
Commonwealth Bank will open its Benefits finder tool to all Australians, regardless of who they bank with, to help support those feeling the impact of the current economic environment.
Benefits finder is available in the CommBank app and NetBank, and uses artificial intelligence to help customers find and apply for benefits, rebates and concessions they may be entitled to.
Since its launch in 2019, Benefits finder has helped connect CommBank personal and business customers to $1.2 billion.
Benefits finder will soon be available to everyone to use for free, even if they are not a CBA customer, via the CommBank app.
Other ways CommBank is supporting customers with the higher cost of living include the option to suspend home loan repayments for up to a year, as well as loan repayment deferrals, interest-only loans and flexible payment plans for people who need them. We offer more options today than ever before, and we’ve made it easier to access them.
Every month, CommBank engages more than three million customers via our money management tools, which include Money Plan, Bill Sense and Spend Tracker, as well as the investing app CommSec Pocket. These tools, which underpin our strategy to deliver global best digital experiences and technology, are increasingly relevant as more Australians do their banking digitally.
The number of digitally active CommBank customers (those who log into NetBank and the CommBank app) rose to 9 million in December 2023, up from 8.3 million a year before. Each digitally active customer now logs in around 43 times per month on average, compared to around 38 times per month a year ago. The CommBank app, Australia’s most popular banking app, now has 8.2 million users – up from 7.3 million at the end of 2022.
Last year we also launched CommBank Yello to recognise our loyal customers with benefits and discounts; more than 3 million have already actively engaged with Yello since its launch.
CommBank continues to play a leading role in the national effort to combat scams and fraud. In the six months from July to December 2023, CommBank prevented and recovered more than $100 million in customer scams. Major recent steps include collaborating with Telstra on Scam Indicator, a sophisticated algorithm to identify potential scam phone calls that has been active since October; and extending our NameCheck technology to other organisations, such as Bendigo Bank and Satori.
The bank is currently piloting Identity Verification, an initiative that uses facial recognition to protect customers and is expected to launch in mid-2024. Data released by the bank in November revealed Australians are increasingly aware of how to stay safe from scams – but that there is still more work to do, including continuing to strengthen defences across all financial institutions, telcos, government, social media and digital platforms.
To learn more about how we’re protecting customers, visit: commbank.com.au/safe
Photo credit: Nic Long for Commonwealth Bank
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Photos from the HY24 results presentation will be available for download ASAP.
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