Commonwealth Bank of Australia (ASX:CBA) has recorded a 13 per cent jump in third-quarter cash profit, coming in at $1.7 billion, in line with market expectations.
Australia’s largest lender has warned that fragile consumer and business confidence resulted in subdued spending patterns and muted system credit growth.
But despite challenging operating conditions CEO Ralph Norris says the bank performed well, with key trends remaining broadly consistent through the first half of the year.
Mr Norris advises that, notwithstanding present challenges, CBA expects a gradual improvement in operating conditions through this year, as the economic recovery strengthens and system credit growth rebounds.
The latest result put CBA on track to deliver a record full year profit.
In the first six months of its 2011 financial year, Commonwealth Bank recorded an interim net profit of $3 billion.
