Commonwealth Bank of Australia (ASX:CBA) saw a significant rise, registering an increase of as much as 2.5% to A$104.810, marking its substantial intraday gain since October 2022.

The company reported a record annual cash profit of A$10.16 billion, a 6% increase from the previous year.

The final dividend announced was A$2.40 per share, bringing the total yearly dividend to an unprecedented A$4.50/share.

The bank, however, cautioned of possible challenges to margins in FY24 due to competitive forces in the home loans sector, climbing costs, that are partly counterbalanced by increased interest rates.

CBA was among the top 10 gainers in the ASX 200 benchmark index but has marginally fallen this year, as of its last closure, against a 0.4% rise in the ASX 200 Financials index.

Commonwealth Bank of Australia (ASX:CBA) is one of the leading financial services institutions in Australia, offering a wide range of financial services including retail, business and institutional banking, funds management, superannuation, insurance, and investment as well as broking services.