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Australia’s biggest company, Commonwealth Bank (ASX:CBA) reported its FY21 results.

Statutory profit surged 19% to $8.8 billion, beating the $8.6 billion expected. Profit growth was supported by stronger business, home lending and larger deposits. Profit was also boosted by CBA’s COVID-19 loan impairment expenses, which dropped 78% to $554 million. This was reflective of the improving economic conditions in the financial year.

CBA’s full year dividend increased by 17% to $3.50ps. Final dividend is $2.00ps, a large rise from last year’s dividend of $0.98ps. CBA goes ex-dividend on August 17th. Investors who hold or buy CBA shares before August 17th are eligible for the $2.00 dividend, payable on September 29th.

CBA also announced a $6 billion off-market share buy back. This is $1 billion ahead of expectations. The buyback is available to shareholders who hold CBA shares, and those who buy before August 18th.

CBA’s FY22 outlook is not as promising, given COVID-19 restrictions. CBA is a HOLD stock for Citi Bank and Credit Suisse, and a SELL stock for Morgan Stanley and Macquarie.

Today, CBA shares reached an all-time high, rising 1.1% to $108.08, at 11:35am AEST.

CBA shares are up 31% this year.