CBA announces record profit

THE Commonwealth Bank has recorded a record $7.09 billion profit for the past financial year, a jump of 11%.

Shareholders will receive a franked final dividend of $1.97 per share, up 5% from the previous year.

The bank's CEO Ian Narev said it was a good result given the "uncertain" economic environment.

Shares in the banking giant were up marginally at the close of trade on Wednesday.