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Published on: Wednesday, August 09, 2017

  • CBA delivered a bigger-than-expected full-year cash profit of $9.88 billion. That’s an increase of 4.6% on the previous year. Statutory net profit for FY17 was $9.93 billion, up 7.6% on FY16. “Commonwealth Bank’s performance this year has again contributed to the financial wellbeing of our customers, shareholders, our people and the Australian economy”, said CEO Ian Narev. “This is the result of our consistent focus on customer satisfaction, innovation and financial strength.” The bank also announced a final, fully-franked dividend of $2.30 per share, taking the full-year dividend to $4.29 (up 9 cents on FY16). For more insights on the big bank's result, watch today's episode of Mad About Money here.

  • US President Donald Trump has made international headlines again, this time for threatening North Korea with “fire and fury” if it continues to threaten the United States. The US President, who is on vacation at his New Jersey gold course, told reporters that North Korea would be “… met with fire and fury, like the world has never seen. He has been very threatening … and as I said they will be met with fire, fury and frankly power, the likes of which this world has never seen before” (CNBC). Trump’s comments came after Japan said it believed that North Korea may have the technology to develop nuclear warheads small enough to fit on missiles. 

  • Trump’s “fire and fury” statement appears to have spooked investors, with the Dow Jones snapping its 10-day winning streak after the US President’s firm threat to North Korea. Late in trade, Trump spurred on a selling spree with his comments, with the Dow Jones closing 33 points or 0.15% lower, at 22,085.24. The S&P 500 fell 6 points, or 0.24%, to 2474.92, while the NASDAQ eased 13 points, or 0.21%, to 6370.46. 
  • Carsales posted a net profit of $109.5 million for the year to June – an increase of 0.2% on FY16. Revenue for the vehicle classifieds website rose 8% to $372.1 million. The Board declared a final FY17 dividend payment of 21.5 cents per share, fully franked. That brings the total FY17 dividend to 40.2 cents per share, an increase of 2.9 cents per share (or 8%) year on year. 
  • At 0700 AEST on Wednesday, the share price futures index was up four points, or 0.07 per cent, at 5,682.

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