Commonwealth Bank of Australia
(ASX:CBA) has increased its unaudited cash profit by 6 per cent to $1.85 billion in the first quarter of the 2013 financial year.
Australia’s largest bank by market capitalisation says its unaudited net profit came in at about $1.8 billion in the three months to the end of September, which analysts believe put CBA on track to deliver a full year net profit of about $7.2 billion.
In a trading update the bank says its revenue growth was impacted by conservative business settings, slower system credit growth and higher funding costs.
CBA has also advised it experienced a slight deterioration in corporate credit quality over the quarter and has whitnessed a difficult operating environment in some sectors of the economy.
CBA generated a record net profit of $7.1 billion in the 2012 financial year.
