Business
Markets Live, Wednesday 12 August, 2020 – The Sydney Morning Herald
Financial sector gains boosted Australian shares at Wednesday’s open before the benchmark index cooled off and slipped into negative territory.
The Commonwealth Bank has posted a 11 per cent drop in full-year profit and will pay a final dividend of 98c a share, as the banking giant’s bottom line was hit by charges for bad debts as a result of the coronavirus crisis.
In one of the most keenly-anticipated results of this earnings season, CBA on Wednesday reported cash profits from continuing operations of $7.3 billion for the year, mainly because of previously announced provisions for soured loans.
CBA’s final dividend was 31 per cent l…
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