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Tags: AS | Australia | Bank

Australia's Commonwealth Bank's 2H Profit Falls to $3.3B

Tuesday, 05 February 2019 10:38 PM

CANBERRA, Australia (AP) — The Commonwealth Bank of Australia has recorded a drop in statutory net profit in its latest half-year to 4.6 billion Australian dollars ($3.3 billion) as the nation's biggest lender was hit by costs for misconduct, lower profit margins and a downturn in the housing market.

The profit for the six months ending Dec. 31 reported Wednesday was 6 percent below the AU$4.9 billion earned in the same period a year earlier. But cash profit rose 1.7 percent to AU$4.68 billion. Cash profit, which excludes one-off gains and losses, are the banks' preferred measure.

Broker Chris Weston says the result was lower than the market had expected.

© Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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The Commonwealth Bank of Australia has recorded a drop in statutory net profit in its latest half-year to 4.6 billion Australian dollars ($3.3 billion) as the nation's biggest lender was hit by costs for misconduct, lower profit margins and a downturn in the housing...
AS,Australia,Bank
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2019-38-05
Tuesday, 05 February 2019 10:38 PM
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