Commonwealth Bank of Australia Ltd
(ASX:CBA) has reported a rise in funds under management and administration, and insurance premiums in the December quarter. For the three months to 31 December 2010 funds under administration were up 2 per cent over the quarter before at $199 billion, driven by strong investment market returns.
Net flows were $1.1 billion on the back of property and internationally sourced funds offset by outflows from wholesale short term cash mandates.
In the same period funds under management were up 1.4 per cent over the quarter before at $153 billion, driven by flows into global equities and strong investment market returns, offset by outflows from short-term cash mandates.
CBA says insurance premiums were up 1.8 per cent in the quarter at $1.6 billion because of solid growth across all lines.
In the year ended 30 June 2010, CBA booked a net profit of $5.7 billion.
