CBA posts $2.4B cash earnings in 3Q17

Company News

by David Chau

Australia's largest bank, Commonwealth Bank (ASX:CBA) has released its third-quarter trading update, which was in line with expectations.

The bank’s statutory net profit for the quarter was $2.6 billion, while the credit quality of its lending business "remained sound".

CBA’s cash earnings rose to $2.4 billion for the three months ended 31 March 2017. This is a slight improvement over last year, when it posted third-quarter cash earnings of $2.3 billion.

As for CBA’s bad debts, that rose to $6.7 billion, compared with $6.3 billion last year.

Yesterday, shares in CBA rose 1.07% to $85.30.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.