Third quarter results have CBA on record path
(12 May 2011 – Australia) The Commonwealth Bank (CBA) turned in third-quarter earnings of A$1.7 billion taking the group’s cash profits for the 2011 year to date to A$5 billion.
Upon the release of the latest figures, CBA warned about future interest rate rises saying that consumer and business confidence remained fragile, while credit and lending growth remained subdued.
While consumer and business borrowing is down, the performance so far should still see the bank comfortably top last year’s cash earnings of A$6.1 billion.
CBA’s chief executive Ralph Norris joined the chorus after last week’s half-year profit figures from his rivals, Westpac, ANZ and National Australia Bank, saying that the current environment remains "challenging".
Reflecting on his own comments made back in February at CommBank’s interim results, Mr Norris said that the fragile nature of consumer and business confidence was leading to continued "subdued spending patterns" and muted lending growth across the sector.
While consumer and business borrowing is down, the performance so far should still see the bank comfortably top last year’s cash earnings of A$6.1 billion.
CBA’s chief executive Ralph Norris joined the chorus after last week’s half-year profit figures from his rivals, Westpac, ANZ and National Australia Bank, saying that the current environment remains "challenging".
Reflecting on his own comments made back in February at CommBank’s interim results, Mr Norris said that the fragile nature of consumer and business confidence was leading to continued "subdued spending patterns" and muted lending growth across the sector.
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