Commonwealth Bank of Australia (ASX:CBA) reported record lending to business and homebuyers during the fiscal first half, underscoring the company's improved cash earnings for the period, according to the bank's earnings call.
During the call, Chief Executive Officer Matthew Comyn said loans made by businesses and homebuyers reached a record AU$144 billion during the six months to December 2024, accounting for over 45% of proprietary home lending in Australia.
Business lending rose 12% to AU$152 billion.
Comyn added that the banking giant continued to invest in artificial intelligence and cybercrime prevention tools. During the first half, the company forked out AU$450 million to combat fraud and other cybercrimes, contributing to a 70% reduction in scam losses in the past two years.
Commonwealth Bank of Australia reported that its cash earnings per diluted share in the fiscal first half rose to AU$3.065 from AU$2.967 per diluted share a year earlier.
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