Commonwealth Bank of Australia (CBA) has reported a cash profit of A$9.45bn for the year ended 30 June 2016, a rise of 3% compared to A$9.13bn a year ago.

The group’s annual revenue stood at A$44.38bn, a drop of 2% over the corresponding period a year ago.

The bank’s total operating income for the fiscal year 2016 was A$24.6bn,a rise of 5% compared to A$23.36bn last year.

Net interest income grew 7% year-on-year to $16.93bn, while the bank kept cost growth to 3%.

During the period, cash profit at the bank's retail banking division fell rose 11% to A$4.43bn from AS3.99bn.

Commenting on the result, CBA chief executive Ian Narev said: “At CBA, we are cognisant of the combined impact of weaker demand, strong competition and increasing regulation. An on-going focus on productivity and credit quality will be important. But we remain positive about Australia’s economic prospects, driven by population growth, our proximity to growth in Asia and the attractiveness of Australia as a destination and a trusted source of a broad range of goods and services. So we will continue to manage for the long term, putting customers first and investing for the future.”

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