CommBank CEO Matt Comyn has described the bank’s FY26 performance as a strong result, while emphasising the role its people, customers and long-term strategy played in delivering it.
Cash net profit after tax increased 7 per cent over the year, but Comyn said the result represented the work of teams across the bank.
“I always want to start by thanking all of our hardworking team members who have contributed to [the result],” he said.
Growth across the business
Comyn said one of the strongest features of the result was the breadth of growth achieved across CommBank’s business.
For the first time, the bank grew at or above the wider market in retail lending, retail deposits, business lending, business deposits and consumer finance.
“We did that without sacrificing margin,” he said.
“It’s clearly a very intensely competitive market that we’re operating in, which is great news for customers.”
Comyn attributed the performance to disciplined and consistent execution of a strategy the bank has pursued over a number of years.
“We’re very happy with the growth across the business,” he said.
“I think it reflects a lot of discipline and consistent execution, very closely aligned to the strategy that we’ve been talking about for many years.”
What the result enables
Comyn said the result was also about what CommBank’s financial strength enabled it to do for customers and the country.
Over the year, the bank provided $50 billion in lending to Australian businesses, supporting them to invest, grow and employ people.
It also helped customers purchase around 150,000 homes and put 147,000 tailored arrangements in place for customers who needed additional support.
Comyn said the economic environment had changed significantly over recent years, particularly as interest rates rose, and that the impact had not been felt evenly.
“We clearly recognise there’s been a big shift in the economic environment, particularly interest rates over the last four or five years,” he said.
“The impact of that is not evenly distributed.”
While financial stress remained relatively contained overall, he said the bank was seeing pockets of pressure among some customers.
CommBank had continued to invest both in supporting those customers and in protecting the wider community, directing around $2.4 billion to technology investment, and more than $1 billion to cyber security, financial crime, scams and fraud.
“We think it’s important to protect our customers and support them through growth, but also through difficult times,” he said.
“It plays an important role in protecting Australian communities.”
A slower economy, but continued optimism
Looking to FY27, Comyn said the Australian economy was slowing but remained in positive growth.
Higher interest rates were weighing on households and businesses, while uncertainty around the global economy and the housing market had also affected sentiment.
“We think volatility and uncertainty are structurally more present now than they have been for multiple decades,” he said.
Despite this, Comyn said the bank was not seeing the deterioration in sentiment fully reflected in household spending and broader economic activity.
“Yes, the economy has slowed,” he said. “But we can also see a lot of areas of strength.”
He pointed to the labour market and ongoing investment in infrastructure as examples of resilience in the economy.
CommBank’s economics team expects no further rate increases during the remainder of 2026 and, subject to how inflation and the economy evolve, two rate cuts during calendar year 2027.
Comyn said lower rates would help support a pickup in economic growth, but that productivity would remain central to Australia’s longer-term prosperity.
“Productivity is really important,” he said.
“That’s what underpins the economy’s ability to grow at a faster rate without adding to inflation.”
He said CommBank remained optimistic about Australia’s long-term prospects and would continue supporting customers through the more challenging conditions.
“Notwithstanding the more difficult start to the year, we feel there’s a path through,” he said.
“That’s our job: to support customers, provide reassurance and confidence, and keep supporting them through.”
