Commonwealth Bank reported a cash net profit of $2.6 billion for the September quarter, a 2% increase from the previous year, despite a 4% rise in operating expenses to $3.3 billion due to wage inflation and tech investments. The bank gained over 175,000 new retail customers and its home loan volume grew by $9.3 billion, outperforming market averages. CEO Matt Comyn highlighted the resilience of the Australian economy and the bank’s commitment to customer support and technology investment. The bank distributed $4.4 billion in dividends to shareholders, with its stock increasing by 139% over five years.
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