CBA reports strong quarter
(15 November 2010 – Australia) Just over a week after announcing the Commonwealth Bank would be raising rates above the RBA’s official cash rate increase, the bank has reported around A$1.6 billion in unaudited cash earnings for the September quarter.
Despite the news of a strong quarter, the Commonwealth Bank has told the Australian Securities Exchange that operating conditions remain challenging.
The bank citied muted system credit growth reflecting sustained deleveraging and outgoing caution on the part of both consumer and business customers.
Both the bank’s funds under administration and funds under management preformed strongly during the quarter, increasing 4.6 percent and 4.4 percent respectively.
The bank’s chief executive Ralph Norris said when commenting on the results that while the global economic outlook was improving, short-term risks and uncertainties remained.
"Globally, the economic recovery remains fragile, with persistent signs of weakness in the US and European economies balanced by a relatively stronger outlook in the domestic and Asian economies," Mr Norris said.
The bank citied muted system credit growth reflecting sustained deleveraging and outgoing caution on the part of both consumer and business customers.
Both the bank’s funds under administration and funds under management preformed strongly during the quarter, increasing 4.6 percent and 4.4 percent respectively.
The bank’s chief executive Ralph Norris said when commenting on the results that while the global economic outlook was improving, short-term risks and uncertainties remained.
"Globally, the economic recovery remains fragile, with persistent signs of weakness in the US and European economies balanced by a relatively stronger outlook in the domestic and Asian economies," Mr Norris said.
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