Commonwealth Bank

Commonwealth Bank has announced an update for the third quarter ending 31 March (the bank has a 30 June year end). Unaudited cash earnings have increased slightly from $1.70bn in the same period last year, to $1.75bn. While we’re unable to quantify the various components, it’s a respectable achievement given the current pressure on profit margins due to higher funding costs and anaemic lending growth. While chief executive Ian Narev is watering down expectations, 2012 may yet produce another year of record profits and higher dividends. That these results are occurring in such a weak lending environment shows Australia’s...

Commonwealth Bank has announced an update for the third quarter ending 31 March (the bank has a 30 June year end). Unaudited cash earnings have increased slightly from $1.70bn in the same period last year, to $1.75bn. While we’re unable to quantify the various components, it’s a respectable achievement given the current pressure on profit margins due to higher funding costs and anaemic lending growth.

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