CBA posts over $7b full year profit
(16 August 2012 – Australia) The Commonwealth Bank of Australia (CBA) reported a full-year profit of A$7.09 billion, the largest result by a non-mining company in Australia.
The annual net profit was up 11 percent in the year to June, the bank said it was aided by cost cuts and a significant drop in bad debt provisions.
Market expectations were about A$7.15 billion.
After tax, cash profit came in at A$7.113 billion, up 4 percent on the year previous.
CBA said it remains positive about Australia's medium- to long-term outlook but the global economic prospects remain uncertain.
For the year, CBA's loan impairment expenses fell 15 percent to A$1.09 billion, according to the bank's statement today.
Full-time staff numbers at CBA fell by 3 percent in the year to June to just over 44,800, as the bank looked to trim its operating expenses.
Market expectations were about A$7.15 billion.
After tax, cash profit came in at A$7.113 billion, up 4 percent on the year previous.
CBA said it remains positive about Australia's medium- to long-term outlook but the global economic prospects remain uncertain.
For the year, CBA's loan impairment expenses fell 15 percent to A$1.09 billion, according to the bank's statement today.
Full-time staff numbers at CBA fell by 3 percent in the year to June to just over 44,800, as the bank looked to trim its operating expenses.
Subscribe