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CBA warns on slowing economy even as profit hits record
CBA posted a 7% profit rise to A$11 billion but flagged slower housing and uneven household pressure. CEO Matt Comyn said growth held up across all key lending categories.
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The Commonwealth Bank of Australia warned that the economy is cooling, with higher rates and inflation putting uneven pressure on household budgets. The caution came alongside a record profit.
CBA reported cash net profit after tax of A$11 billion for its fiscal 2026 year, up 7% from the prior year. Pre-provision profit rose 6% to A$16.5 billion. Return on equity increased 14%.
"The Australian economy has remained resilient, supported by historically low unemployment and longer-term investment," CEO Matt Comyn said in the bank's outlook statement. "However, housing activity has softened from a high base."
He said the bank grew at or above system in all five core domestic product categories – home lending, business lending, consumer finance, household deposits and business deposits. CBA is the main financial institution for one in three Australians and one in four Australian businesses, he said.
"It is the first time CBA has achieved this and the first time any major Australian bank has done so in the past 15 years," Comyn said.