Despite the slow economy coupled with the impact of Hurricane Matthew, the Bank was able to sustain its longstanding pattern of growth and profitability by following its proven business model,” said Sands. “I am extremely proud of Commonwealth Bank’s performance in 2016. Total assets climbed to over $1.6 billion, an increase of 5 per cent from 2015 while net income of $57.4 million very closely paralleled 2015’s net income of $57.7 million.
The extra-ordinary dividend is in keeping with the long established policy of the bank paying out an average 65% of its earnings after Preference Share dividends to its over 6,000 common shareholders.”ĭespite the challenging economic environment, the bank achieved strong, positive results. “This extraordinary dividend is based on our 2016 results, although for accounting purposes it will be recorded in our 2017 financial year. “The bank believes that it is important to share its success with shareholders, especially in these challenging times,” executive chairman William B Sands reported.
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This dividend will bring total dividend payments to $0.36 per share for 2016 year and continues a trend of quarterly dividends plus extraordinary dividends that help build sustaining value for the bank’s share price. The extraordinary dividend, approved at the February 2017 Board meeting will be payable on March 22, 2017, with a record date of Mato more than 6,000 shareholders. The Board of Directors of Commonwealth Bank Ltd has announced a final extraordinary dividend of six cents per share based on 2016 results of $57.4 million in net income.
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