The Commonwealth Bank's annual profit is $9.8 billion.

The CEO of Commonwealth Bank, Matt Comyn, has announced a staggering profit of $9.8 billion for the 2023-24 financial year. However, despite this impressive number, it was actually lower than the previous year's profits and a three percent decrease from the first half of this year. In a statement released by the bank, they attributed the decline in profits to increased competition, resulting in lower lending and deposit margins.

Moreover, the bank also mentioned that operating expenses had risen due to inflation. Despite these challenges, the board has declared a fully-franked final dividend of $2.50 per share, a three percent increase from the previous year. This brings the total dividend for the year to $4.65 per share.

One of the key expenses for the bank this year was their investment of $800 million in security measures. This investment has proven to be beneficial, as scam losses have decreased by 50 percent. The bank also introduced a new security feature called NameCheck, which has prevented $410 million in mistaken payments and scams.

Matt Comyn emphasized the importance of collaboration between banks, telcos, and social media companies in preventing scams and cyber and financial crime. He stated, "We need to work together to stop scammers and disrupt these crimes. As a bank, we are leading the way by coordinating with other organizations and sharing our technology and intelligence."

In addition to their efforts in preventing financial crimes, Commonwealth Bank has also shown support for their customers in need. They have provided 132,000 tailored payment schemes and have made it possible for over six million people to access $2000 in credit with no interest or monthly fees.

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