Commonwealth Bank records $1.7 billion quarterly profit
Thursday, May 17, 2012/
The Commonwealth Bank has recorded a $1.7 billion profit for the three months to March, although warns the outlook for the global economy still remains uncertain.
The company’s cash earnings in the quarter were $1.75 billion.
Chief executive Ian Narev said funding costs were higher in the third quarter, and had a negative impact on the net interest margin.
“Conditions in retail banking remained challenging, highlighted by elevated wholesale funding costs, competitive deposit pricing and subdued credit demand,” the bank said in a statement.
Business lending was also weak, the company said, although business in the wealth management division continued to increase.
This article first appeared on SmartCompany.