Reports
Commonwealth Bank Positive On September Quarter Figures

The
Commonwealth Bank of Australia on Monday released unaudited
results for the quarter to 30 September, which translated to a
profit of around A$1.4 billion ($927 million).
The figures were helped by good income growth, particularly in
its wealth management and insurance units. Funds under
administration rose 8.3 per cent to A$190 billion, fuelled by the
recovery in investment markets. Group net flows were positive at
$2.3 billion.
In Australia, both Institutional Banking and Markets and Business
and Private Bank performed well. New Zealand showed improvement,
but operating conditions remained challenging.
"The result was particularly benefited from an improvement in our
wealth management division as equity markets recovered through
the quarter, which may not be repeated," said Ralph Norris, the
bank's chief executive officer, in a statement.
"Against [a challenging] backdrop, the Group continues to perform
well. The combination of good business momentum, continued
progress on our strategic agenda and conservative business
settings means we remain well-placed to meet the challenging
operating environment from a position of relative strength," he
added.