Financial Results
CBA Posts 54 Per Cent Rise In Half Year Profits
Commonwealth Bank of Australia posted strong private banking and wealth management performances for the six months to December 2009, helping to drive the bank's net profit after tax for the period up to A$2.9 billion ($2.6 billion), up 54 per cent from the same period a year before.
Cash profit for its wealth management operations, which include
Colonial First State,
CommInsure, and
Colonial First State Global Asset Management, surged to
A$379 million, compared to A$178 million for the six months to
end 2008. Profit from the business and private banking
unit was A$440 million, up from A$373 million for the same period
of 2008.
CBA chief executive officer
Ralph Norris noted that while the medium-term outlook for the
Australian economy is positive, international volatility issues
could still mar short-term figures.
"Clearly there is still some uncertainty about the speed of
recovery for the global economy and, perhaps more importantly for
Australia, the performance of our major trading partners, notably
China and the US," Mr Norris said.
