SYDNEY, Aug. 12 (Xinhua) -- Australia's largest bank on Wednesday reported an annual cash net profit after tax of 10.98 billion Australian dollars (7.76 billion U.S. dollars) for the 2025-26 financial year, but issued a warning over slowing economic growth.
Full-year results released by the Commonwealth Bank of Australia (CBA) showed a cash net profit after tax of 10.98 billion AUD (7.76 billion USD), an increase of 7 percent year-on-year.
The Sydney Morning Herald reported that analysts had expected the bank, which is Australia's second-largest company by market capitalization, to post a full-year cash profit of about 10.85 billion AUD (7.67 billion USD).
The CBA said its total operating income grew by 6 percent in 2025-26 to 30.2 billion AUD (21.34 billion USD) driven by growth in home loans, business loans, consumer lending and deposits.
However, it said that new applications for home loans have fallen by 15 percent since May, when the federal government announced it would wind back tax concessions for property investors.
In an outlook statement, CBA Chief Executive Officer Matt Comyn said that housing activity has softened from a high base.
"The Australian economy has remained resilient, supported by historically low unemployment and longer-term investment. However, growth is slowing, with higher interest rates and inflation placing uneven pressure on household incomes and economic activity," he said.
In updated forecasts released on Tuesday, the Reserve Bank of Australia said it expected annual economic growth to fall from 1.9 percent in June to 1.4 percent in December before rebounding in 2027. ■
