Matt Comyn is confident in people’s willingness to get vaccinated and unveiled plans to distribute $10 billion to shareholders in a bumper buyback and dividend payout.
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CBAâs three hurdles to buybacks and bigger dividends
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Commonwealth Bank CEO Matt Comyn revealed the bank is facing three obstacles to share buybacks and even bigger dividends as it announced a $3.9 billion cash profit on Wednesday and around $10 billion in excess capital.
CBA is poised to shower shareholders with as much as $2.7 billion in dividends in late March, after raising the first-half distribution by 53 per cent to $1.50 a share compared with the previous half.
However, the payout ratio of 67 per cent is just below the bankâs target range of between 70 per cent and 80 per cent, and Mr Comyn said the boardâs intention is to continue the tradition of delivering a bigger second-half dividend. But a number of hurdles remain.
CBA ramps up business lending to take on NAB
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Commonwealth Bank boss Matt Comyn wants to drive the post-COVID-19 economic recovery and become the countryâs largest lender to business, in a bid to knock National Australia Bank off its long-held position as the top business bank.
After pausing $51 billion of mortgage repayments for 158,000 home loan customers during an extensive triage process last year as COVID-19 ravaged the economy, Commonwealth Bank has shifted gear and says backing companies to return the economy to solid growth has become the core duty for banks.
CBA CEO Matt Comyn, right, and CFO Alan Docherty, at the bank on Wednesday. âI am not concerned at all about any degradation in lending standards,â Mr Comyn said.Â