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Learn more about the dividends we pay to our shareholders, including information on our Dividend Reinvestment Plan (DRP).
2018 final dividend
Commonwealth Bank of Australia announced a final dividend of $2.31 per share for the second half of the financial year ended 30 June 2018.
Dividend per share
Australian franking level
NZ imputation credit per share (NZD)
16 Aug 18
28 Sep 18
What is CBA's dividend policy?
Commonwealth Bank of Australia will seek to:
pay cash dividends at strong and sustainable levels;
target a full-year payout ratio of 70% - 80%; and
maximise the use of its franking account by paying fully franked dividends
Payment of dividends
When will my dividend be paid?
The Bank typically announces a dividend with the release of its half year results in February and full year results in August. Dividends are typically paid twice a year, in March (interim dividend) and September (final dividend). Payment dates are listed on the financial calendar.
When is the Record Date and what does it mean?
The Record Date is the cut-off date for a dividend. To be eligible to receive the current dividend, you need to be recorded on the share register at 5pm on the Record Date. The Record Dates are listed on the financial calendar.
When is the ex-dividend date and what does it mean?
The ex-dividend date occurs one day before the Record Date. To be entitled to receive the current dividend, you must purchase shares before the ex-dividend date. If you purchase shares on or after the ex-dividend date, you will not be entitled to receive the current dividend. The ex-dividend dates are listed on the financial calendar.
How will my dividend be paid?
Your dividend will be paid to you by direct credit and deposited into your nominated bank account. Payment by direct credit applies to all shareholders with a registered address in Australia, New Zealand or the United Kingdom (made in AUD, NZD and GBP respectively).
Dividend statements are available on the Link Market Services Investor Centre, and can be received via email or post.
What happens if I have not provided my bank details?
If you do not provide your bank details by the Record Date and you are not a participant in the Dividend Reinvestment Plan, your dividend will be held on your behalf in a non-interest bearing account. Payment of your dividend into your nominated bank account will be made as soon as possible after receipt of your payment instructions.
You are encouraged to keep your bank account details current.
Dividends paid to Australian shareholders by Australian resident companies are taxed under the imputation system, which means the tax paid by a company may be imputed or attributed to its shareholders.
The imputation system eliminates the double taxation of dividends for Australian shareholders.
What are franking/imputation credits?
Franked dividends have a franking credit attached to them which represents the amount of tax the company has already paid. Franking credits are also known as imputation credits.
Generally, Australian resident shareholders are entitled to receive a credit for any tax the company has paid. If your top tax rate is less than the company's tax rate, the Australian Tax Office will refund you the difference.
New Zealand imputation credits
An imputation credit is relevant for New Zealand resident taxpayers who meet certain requirements.
Dividend Reinvestment Plan
What is the Dividend Reinvestment Plan (DRP)?
The DRP allows eligible shareholders in Australia and New Zealand to reinvest all or part of their dividends to receive additional shares instead of a cash payment. It is a convenient way to increase your holding of CBA shares, without incurring transaction costs.
Key features of the DRP are:
you will receive shares instead of a cash dividend
the number of shares you receive will be based on the Market Price (which is determined under the DRP Rules by reference to the price of CBA shares)
franking credits apply to dividends reinvested under the DRP
shares issued under the DRP will rank equally with other shares
any residual value is held for you in a DRP account and will be added to your next dividend to calculate any future share entitlements
participation is optional, and you can change your election at any time (the cut-off for the election to apply to a particular DRP is usually the day after the Record Date for that dividend)
participation is flexible, and you can choose to apply the DRP to all or part of your shareholding