Commonwealth Bank reports 6 per cent rise in profit

Commonwealth Bank Tree Tops shopping centre Burleigh.
Commonwealth Bank Tree Tops shopping centre Burleigh. Blainey Woodham

COMMONWEALTH Bank has reported a 6 per cent rise in first-quarter profit, boosted by an improvement in trading income and cost controls.

The bank said its unaudited cash profit for the three months to end-September was $1.85 billion, up from $1.75 billion a year ago.

Because of the limited nature of the trading update, few analysts forecast quarterly earnings.

Shares in CBA slipped 28 cents, or 0.4 per cent, to $57.22 in early trade, slightly underperforming the other big banks.

The stock has risen nearly 17 per cent so far this year, behind Westpac and ANZ but still ahead of 10.6 per cent gain for the benchmark S&P/ASX 200 index.


Read more at Brisbane Times

Topics:  commonwealth bank

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