Commonwealth Bank of Australia (ASX:CBA) has posted a strong start to the 2012 financial year, generating unaudited cash earnings of $1.75 billion in the three months to September 30, 2011.
The bank’s first quarter earnings are up 9 per cent from the year before and place it on track to reach last year’s record full year profit.
However CBA has cautioned that market volatility has hit its trading income, just a fortnight after the bank shut down its high risk trading desk.
Outgoing CEO Ralf Norris has warned operating conditions remain challenging and that global economic recovery remains fragile, reflected in subdued system credit growth.
In the 2011 financial year Commonwealth Bank boosted its net profit by 13 per cent to $6.4 billion.
