Australia's CBA unveils buyback as profit jumps on lending growth

The bank said its lending growth outpaced rivals in both the business and home segments in the last six months of 2021, riding on a recovery in the economy from the pandemic.

SYDNEY Commonwealth Bank of Australia on Wednesday posted a jump in first-half profit and said it would buy back shares worth A$2 billion ($1.43 billion) as strong lending growth cushioned the hit from intense competition for home loans.

The bank said its lending growth outpaced rivals in both the business and home segments in the last six months of 2021, riding on a recovery in the economy from the pandemic.