Commonwealth Bank of Australia
(ASX:CBA) has posted a three per cent increase in its third quarter cash profit of $1.75 billion.
Australia’s largest bank generated a net profit of about $1.7 billion for the quarter.
CBA’s chief remained cautious with his outlook saying the bank will continue a conservative approach including “tight expense control (and) a conservative funding profile.”
CBA reduced its mortgage rates by only 40 basis points earlier this month, despite the Reserve Bank of Australia cutting interest rates by 50 basis points.
CBA generated a record net profit of $3.6 billion in the first half of the 2012 financial year.
