Commonwealth Bank has notched up $11 billion in cash profit fuelled by growth across its vast loan and deposit portfolios, as the banking giant also lifted dividends.

CBA on Wednesday said cash net profit after tax rose 7 per cent in the year to June, as its operating income grew by 6 per cent, helped by growth in CBA’s key markets of home loans, business loans, consumer lending and household and business deposits.

Chief executive Matt Comyn said the Australian economy was resilient, helped by low unemployment and solid investment, though growth was slowing due to higher interest rates and inflation.

“Housing activity has softened from a high base. Application volumes appear to have stabilised in recent weeks. Businesses continue to manage higher input costs and supply uncertainty,” Comyn said.

Analysts had expected full-year cash profits of about $10.85 billion. CBA raised its final dividend to $2.70, up from $2.60 last year.

More to come