The Commonwealth Bank of Australia has posted a record half-year profit of $4.9 billion.
CBA has reported a strong result for the final six months of calendar 2016 as chief executive Ian Narev stressed the bank's "long-term strategy".
Along with a 6 per cent and 2 per cent increase in statutory and cash profit, respectively, CBA has kept shareholders happy with a 1 cent increase to its interim dividend to $1.99 per share.
Return on equity remained at 16 per cent, which is the lowest among the big four Australian banks (although relatively high compared with international peers).
CBA also pointed to its continued positive underlying 'jaws' – that is, the difference between income and expenses (3 per cent versus 1 per cent).
Commenting on the result, Mr Narev said, "We have invested carefully but consistently over many years, leading to ongoing revenue and balance sheet growth, and continuous innovation for our customers."
"At the same time, our emphasis on productivity has ensured that expense growth is fit for the times," Mr Narev said.
Former CEO of ING Direct Vaughn Richtor will assume the role of chairman at MyState following the retirement of Miles Hampton, the compan...