Commbank delivers another bumper profit
Commonwealth Bank has delivered a 12 per cent increase in full-year profit to $6.84 billion and has warned that global financial volatility could again push up borrowing costs.
Chief executive Ralph Norris has also cautioned there is nothing to suggest "any material improvement" in the coming financial year for the banking sector which is battling subdued credit growth while battling intense competition.
"Nor is it clear what the catalyst will be for a meaningful revival in consumer and corporate confidence which is prerequisite to stronger demand for credit," Mr Norris said.
The profit for the 12 months to end-June was largely in line with market expectations of $6.82 billion and compares to last year's profit of $6.04 billion.
Source: The Age