(Australia) – Commonwealth Bank of Australia has delivered a A$2.65 billion net profit for 2002, a lift of 10.7 percent over 2001 and ahead of expectations, notwithstanding a 17 percent climb in provisioning to A$449 million.Growth in pre-tax profits in Banking (up 15 percent over 2001), Funds Management (21 percent), Lending (8 percent) and continuing cost controls drove the result, reflected in a dropping cost-to-income ratio from 57.7 to 54.1 percent.
Australia’s biggest A$ bond issuer experienced growth in its housing loan book of 16 percent to A$92.9 billion representing 57 percent of total loans, with its credit card balances climbing 10 percent and retail deposits also jumping a very useful 10 percent.