CBA posts record profit as borrowers feel the pinch
The strong results mean the bank is well placed to manage economic headwinds, CEO Matt Comyn said
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The Commonwealth Bank has credited its continued focus on supporting customers and investing communities for its record $10.2 billion profit.
Releasing the full financial year 2023 results this morning, the six percent increase in cash net profit after tax comes in the midst of rising inflation, higher interest rates and a cost of living crisis.
The CBA said in a statement that it had funded $149 billion of new lending as Australia’s largest home lender, helping 150,000 Australians to buy a home. It also noted that CBA has provided Australian businesses with $35 billion of new lending, with one in four small and medium size businesses now CBA customers.
It’s good news for shareholders, with return on equity up 14 percent resulting in a dividend per share of $4.50.
Acknowledging that some borrowers were facing financial challenges following a 4 percent interest rate rise in just over a year and increasing cost of living pressures, Commonwealth Bank CEO Matt Comyn said the results demonstrated a resilient banking system and provided stability for the wider Australian economy.
“It has been an increasingly challenging period for our customers, dealing with rising cost of living pressures,” said Mr Comyn. “Our balance sheet resilience allows us to support our customers and deliver sustainable returns for shareholders.”
He said the CBA would continue to monitor the impact of a slowing economy and reduced discretionary spend, particularly on small business.
“The Australian economy has been resilient with the tailwinds of a recovery in population growth, relatively high commodity prices and low unemployment,” Mr Comyn said. “However, there are signs of downside risks building as rising interest rates have a lagged impact on mortgage customers and other cost of living pressure become a financial strain for more Australians.
“The Australian banking system remains strong and has navigated rapidly changing and uncertain global financial conditions through sound liquidity risk management and strong capital regulation.”
The sports-car maker delivered 279,449 cars last year, down from 310,718 in 2024.
Chinese carmaker GAC will expand its Australian electric vehicle line-up with the city-focused AION UT hatchback.
The sports-car maker delivered 279,449 cars last year, down from 310,718 in 2024.
2 minPorsche car deliveries fell 10% in 2025 as demand was hit by a slowdown in luxury spending in China and as it ceased production of its 718 Boxster and 718 Cayman models through the year.
The German luxury sports-car maker said Friday that it delivered 279,449 cars in the year, down from 310,718 in 2024.
The company had a tumultuous year as it contended with a stuttering transition to electric vehicles and a tough Chinese market, while the Trump administration’s automotive tariffs presented a further headwind.
Deliveries in its largest sales region of North America were virtually flat at 86,229, but continued challenges in China meant deliveries in the country dropped 26% to 41,938 vehicles.
Automakers have faced intense competition in China, sparking a prolonged price war as rivals cut prices to win customers, while a lengthy property market slump and economic-growth concerns in the country has also led to buyers pulling back on luxury spending.
“Key reasons for the decline remain the challenging market conditions, particularly in the luxury segment, and the very intense competition in the Chinese market, especially for all-electric models,” the company said.
Other German brands including Audi, BMW and Mercedes-Benz have all recently reported that the challenging Chinese market hit demand last year.
In Europe, Porsche deliveries fell 13% to 66,340 cars excluding its home market of Germany, while German deliveries dropped 16%.
The company cut guidance several times last year as it warned of hits from U.S. import tariffs, investments in new combustion engines and hybrid models amid the slow uptake of EVs, and the competitive situation in China.
Porsche also last year announced plans to scale back its EV ambitions and instead expand its lineup with more gas-powered and plug-in hybrid models than it had originally planned.
However, in its statement Friday, the company said it increased its share of electrified-vehicle deliveries in the year. Around 34% of vehicles delivered worldwide were electrified, an increase of 7.4 percentage points on year, with about 22% all-electric vehicles and 12% plug-in hybrids.
That leaves its global share of fully-electric vehicles at the upper end of its target range of 20% to 22% for 2025.
In Europe, for the first time in 2025, more electrified vehicles than purely combustion engine vehicles were delivered.
The Macan topped the delivery charts in the year, while the 911 reached a record high with 51,583 deliveries worldwide, it said.
Porsche said it is investing in its three-pronged powertrain strategy and will continue to respond to increasing demand for personalization requests from customers.
“We have a clear focus for 2026,” Sales and Marketing Chief Matthias Becker said. “We want to manage supply and demand in accordance with our ‘value over volume’ strategy.
“At the same time, we are realistically planning our volume for 2026 following the end of production of the 718 and Macan with combustion engines.”
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