The Commonwealth Bank (ASX:CBA) says its funds under administration were down for the year, but retail net flows were up.
In its quarterly report on premiums, the bank says funds under administration at June 30 were $197 billion, down 1.3 per cent for the quarter. It blames the appreciating Aussie dollar and falls in investment markets for the drop.
Strong flows into FirstChoice and Custom Solutions pushed retail net flows up for the bank, while funds under management were down 1.9 per cent to $149 billion.
In the six months to December last year, the Commonwealth Bank (ASX:CBA) reported a profit of $3 billion.
