Commonwealth Bank Positive On September Quarter Figures

Vanessa Doctor

10 November 2009

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 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.