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.