Best bank: Commonwealth Bank of Australia
Commonwealth Bank of Australia (CBA) has solidified its standing as Australia’s best bank, driven not only by robust financial performance but also by its disciplined approach to margin management. Under the stewardship of chief executive Matt Comyn, the bank has strategically opted not to compete for less profitable mortgage customers to focus on delivering sustainable returns.
AfE 2024
In the 2023 financial year, CBA outperformed its peers, posting the highest net profit after tax at A$10.2 billion ($6.8 billion), marking 6% year-on-year growth. The bank’s operating income also showed an impressive 13% year-on-year increase. CBA distinguishes itself from its competitors with a more diversified revenue mix, characterized by higher contributions from non-interest income streams. Moreover, the bank’s cost-to-income ratio improved from 45.7% in the previous year to 42.8% in the 2023 financial year, highlighting its enhanced operational efficiency.
Despite