Financial Results
Commonwealth Bank Raises Half-Year Earnings Forecast

The
Commonwealth Bank of Australia has said it expects
a 44 per cent rise in cash earnings for the six months to 31
December.
The bank gave a surprise announcement before markets closed last
week with an upgraded profit forecast of A$2.9 billion ($2.67
billion) -- a result significantly above its prior and analysts'
expectations of A$2.7 billion.
CBA said that solid income growth across its banking business was
the key driver of the increase, including efficient cost
management, good volume growth, a drop in impairment expenses,
and improving equity markets.
"The result reflects a continuation of the momentum reported on 9
November 2009 in the group's September quarter trading update,"
the statement said.
The stock went up three per cent to $58.10 just before Friday's
close. The sharemarket had been in the red throughout the session
but CBA's announcement managed to boost the S&P/ASX 200
benchmark by 1.6 points to 4899.6.
Full results for the said period will be announced on 10
February, after all accounts have been audited and
reviewed.