Commonwealth Bank posts record $10bn profit amid rising stress for borrowers

Annual results for CBA are 6% higher than previous year, buoyed by expanded profit margins during interest rate hikes

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Australia's biggest lender, Commonwealth Bank, has posted a record $10.16bn cash profit, even as more of its customers succumb to rising borrowing rates, prompting a sharp increase in bad debts.

The bank's 2022-23 results were 6% higher than a year earlier, buoyed by expanding profit margins generated during a period of fast-rising interest rates.

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