• Focus on supporting customers with cost of living pressures
• Invested $450 million to protect customers against fraud, scams, and financial and cyber crime
• Lent $21 billion to businesses and helped over 70,000 households buy a home

The Commonwealth Bank of Australia reported a solid financial performance for the half year ended 31 December 2024, with profit growth and strong balance sheet settings despite a challenging economic backdrop. Net profit after tax was $5,142 million, up 6% on the prior comparative period, supported by volume growth in core businesses and lower loan impairment expense. Pre-provision profit was up 1% reflecting operational performance across all frontline businesses. The bank maintained a strong capital position with a CET1 Capital ratio of 12.2%, well above regulatory requirements. The bank focused on supporting customers with cost of living pressures, providing more than 65,000 tailored payment arrangements and connecting customers to $1.2 billion in grants, rebates and concessions. The bank also invested $450 million to protect customers against fraud, scams, and financial and cyber crime, and lent $21 billion to businesses and helped over 70,000 households buy a home.

The bank expects to operate with a post-dividend CET1 capital ratio of greater than 11.0%, except in circumstances of unexpected capital volatility.

The Australian economy has slowed considerably, with cost of living pressures continuing to weigh on consumer demand. However, underlying inflation is now moderating towards the target range, and the bank expects Australia will follow offshore economies with an easing cycle starting in 2025, which should provide some relief to many households and improve business confidence.