CBA's annual cash net profit after tax for the 2024 financial year was $9.8 billion, down 2% on the previous year and 3% less on the first half of FY24. The fall in profits was attributed to lower lending and deposit margins, increased business competition, and inflationary pressures on operating expenses, partly offset by volume growth and lower loan impairment expenses.

The bank says it has amplified its customer support measures over the past financial year, leveraging its robust balance sheet to assist customers grappling with cost of living pressures and bolster security against fraud and scams. The bank's CEO, Matt Comyn, announced these measures during the bank's annual results for the 12 months to 30 June 2024.

CBA has provided 132,000 tailored payment arrangements to aid mortgage and consumer finance customers in managing repayments and household budgets. Over six million eligible customers can now access up to $2,000 in credit with no interest and no monthly fees.

"Many Australians continue to be challenged by cost-of-living pressures and a fall in real household disposable income. With slower economic growth and moderating demand, our strong balance sheet allows us to continue to support our customers and the broader economy and deliver sustainable returns," said Comyn. He urged customers to reach out early for support, emphasising the bank's readiness to assist in various ways.

In addition to financial support, CBA has invested $800 million in security measures to combat fraud, scams, cyber and financial crime. This investment has led to a 50% reduction in scam losses this year. The bank's Name Check innovation, which verifies account-to-account payments, has prevented $410 million in mistaken payments and scams. Furthermore, CBA is blocking 20,000 payments a day due to concerns about their source or destination, and the number of alerts about possible unauthorised card payments has risen five-fold on last year.

"People want safe and secure banking. We decreased scam losses to our customers by more than 50 per cent and we’re working with other businesses and government to further reduce scams but there’s much more to do. One dollar lost to scammers is a dollar too much," Comyn noted. He called for a coordinated approach among banks, telcos, and social media companies to stop scammers and disrupt cyber and financial crime.