Commonwealth Bank of Australia Lifts Full-Year Dividend to A$4.65 Per Share and Returns A$8 Billion to Shareholders

Commonwealth Bank of Australia declared a total dividend of A$4.65 per share fully franked for the financial year ended 30 June 2024, an increase of 15 cents over the prior year, as the country's largest bank returned A$8 billion to shareholders through a combination of dividends and share buy-backs. The full-year results were released on 14 August 2024.

The bank funded 120,000 Australian home purchases across the twelve months to June 2024.

CAPITAL POSITION

CBA's Common Equity Tier 1 capital ratio stood at 12.3% at 30 June 2024, above the minimum level set by the Australian Prudential Regulation Authority. The board approved a final dividend of A$2.50 per share on top of the interim dividend paid during the year, bringing the total annual payment to A$4.65 per share fully franked. Full franking allows Australian resident shareholders to access the associated imputation tax credits, enhancing the after-tax value of the dividend for domestic investors.

DIVIDEND

The total dividend per share rose 15 cents to A$4.65. The final dividend of A$2.50 per share is the larger of the two annual payments.

The group extended the completion of its A$1 billion on-market share buy-back by a further 12 months.

CBA's FY2024 results showed cash net profit after tax of A$9.8 billion, down 2% on the prior year, as inflationary increases in operating expenses and lower lending and deposit margins weighed on earnings. The bank stated an expectation of operating with a post-dividend CET1 ratio above 11.0%.