Commonwealth Bank posts $10.9 billion profit as Australian market dips on US-Iran doubts

Commonwealth Bank, Australia’s second-largest lender, announced an 8% increase in statutory net profit to $10.91 billion and a 7% rise in cash profit to $10.98 billion for the year, and declared a fully franked dividend of $5.05 per share, 4% above last year’s payout. Meanwhile, the Australian share market is set to open lower, with ASX futures down roughly 0.4% to 9,153 points, as investors grow skeptical about a swift US-Iran peace settlement.

The sentiment is reinforced by a 1.2% jump in Brent crude to about $88.81 a barrel, the highest in a week, amid ongoing closure of the Strait of Hormuz. US equity indexes also slipped, with the S&P 500, Dow Jones and Nasdaq each down around 0.3-0.6%. The Australian dollar edged up to 70.6 US cents. These factors combine to suggest a cautious start for the Australian trading day.