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RETAIL BANKING | Cesar Tordesillas, Australia
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Commonwealth Bank of Australia posts $7.43B profit

The Commonwealth Bank of Australia bucked uncertain business environment to push its profit up 11 percent from last year to US$7.43 billion.

 

CBA's cash net profit after tax was US$7.45 billion in the year to June, a rise of 4 percent on last year's result.

"This is a good result given the uncertain environment in which we are opening," said CBA Chief Executive Officer Ian Narev.

Narev said ongoing caution from the bank's retail and corporate customers was slowing its revenue growth, adding that current revenue trends were likely to continue.

"This translated into lower credit growth and great pressure on market sensitive businesses. In addition, higher funding costs have put pressure on margins as competition for domestic deposits intensifies and wholesale funding continues to be expensive," he said.

CBA's revenue in the year to June was US$49.43 billion, up two percent on the previous year.

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