Australia's Commonwealth Bank posts record profit

Australia's biggest bank, the Commonwealth, on Wednesday posted an eight percent jump in full-year net profit to a record Aus$7.68 billion (US$6.98 billion), citing its focus on productivity and innovation. The country's top home lender said net profit for the 12 months ending June 30 was up from Aus$7.09 billion the year before, slightly higher than analyst expectations. Cash profit -- which strips out one-off costs -- was Aus$7.81 billion, up 10 percent. "This result again highlights the benefits of a multi-year focus on our strategic priorities," said chief executive Ian Narev, pointing to the bank becoming the market leader in customer satisfaction while strengthening its balance sheet. "Consistent execution of these long-term priorities, combined with our focus on productivity and continuing innovation, have delivered good financial returns for our shareholders." A final dividend of Aus$2 per share was declared.