Australian Stock Report - Share Tips
CBA $1.75 billion Cash Profit In Third Quarter
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Publish date: Thu, 17 May 2012, 06:45 PM
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CBA $1.75 billion Cash Profit In Third Quarter
Commonwealth Bank of Australia provides banking, life insurance and related services for individuals, small businesses and medium sized commercial enterprises.
The Bank provides corporate and general banking, international financing, institutional banking and stock broking and funds management such as superannuation product.
Financial Stock CBA reported a $1.75 billion cash profit in the third quarter, a 3% rise from the prior corresponding period.
The bank did note that subdued credit demand and high funding costs continued to eat into its profit margins.
CEO Ian Narev said in a statement "consistent with the uncertain outlook that we indicated in the Group’s half-year results in February, we have retained our conservative business settings, including tight expense control, a conservative funding profile and strong provisioning levels"
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