The Commonwealth Bank turned over a huge $21.55 billion in revenue last year, resulting in the biggest annual profit ever reported by an Australian Bank.
From its media presentation, here’s where the money went:
CEO Ian Narev said the organisation paid $3 billion in tax, not including about $900 million paid by Australia-based employees in payroll tax to the ATO.
He said the bank spent a “very significant amount of money” on regulatory costs, but declined to break out the expense.
A majority of revenue was returned to shareholders. “800,000 Australian households own a share of this institution directly, and millions more through their super funds,” Narev said.
“The average one of those households owns roughly $67,000 worth of Commonwealth Bank shares. That’s a sizable part of the household wealth; in the recently completed financial year, those people got about $15,000 in capital gain.
“Equally importantly, the dividend that will be paid … gave the average one of those households over $3000 on a post-tax basis.”
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