Commonwealth Bank records $2.8bn in Q1 net profit | Finance News Network

Commonwealth Bank records $2.8bn in Q1 net profit

Company News

by Kathy Skantzos

Commonwealth Bank (ASX:CBA) has reported statutory net profit of $2.8 billion in the September quarter.

Unaudited cash earnings for the quarter increased by 6 per cent to $2.65 billion.

Operating income grew 4 per cent supported by volume growth and improved margins.

Group net interest margin (NIM) was higher in the quarter, driven by asset re-pricing and reduced liquid asset balances, partly offset by the impact of the banking levy, higher funding costs and competition.

The group issued $9.5 billion of long-term funding in the quarter, including a 30-year US$1.5 billion issue.

Shares in Commonwealth Bank (ASX:CBA) are trading 0.93 per cent higher to $78.93.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.