BankWest boosting Commbank

Commonwealth Bank reported net profit for the six months to December rose to $2.573 billion, from $2.371 billion. The result includes $547 million provisional estimate of a non-cash gain from BankWest. A good result in the retail banking arm offset downturns from business banking and wealth management. Chairman John Schubert warned shareholders that the bank cannot guarantee future dividend levels. ”Your Board was particularly mindful of the needs of our shareholders in reaching its decision to declare an interim dividend at the same level as last years interim,” he said in a statement. "However, in the current uncertain economic environment we cannot guarantee to maintain future dividends at past levels.”

Source: The Age

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