Commonwealth Bank of Australia Cautions on Economy Even as Profit Climbs
- Matt Comyn says there are signs of downside risks building
- Bank will do A$1 billion stock buyback in coming months
A Commonwealth Bank of Australia branch in Sydney, Australia.
Photographer: Brent Lewin/BloombergThis article is for subscribers only.
Commonwealth Bank of Australia shares advanced after delivering a record profit together with a buyback and an increased dividend, offsetting caution from Chief Executive Officer Matt Comyn on the fragile economic outlook.
Cash profit climbed to A$10.2 billion ($6.7 billion) and the country’s biggest lender said it will begin a A$1 billion stock buyback, while paying a final dividend of A$2.40 per share. Meantime, Comyn handed investors a dose of caution by setting aside more cash for troubles brewing in the economy.