Commonwealth Bank of Australia
(ASX:CBA) remains on track for another record full-year profit after reporting quarterly cash earnings of $1.9 billion.
The third-quarter result, for the three months to March 31, was up from $1.75 billion in the previous corresponding period, and brings the bank’s profits to $5.7 billion so far this financial year.
The bank says its revenue growth continued to reflect a combination of conservative management and modest growth in the credit market.
The bank says its margin gains were partly offset by higher funding costs.
CBA reported growth in household deposits but said deposit margins remained under pressure in a competitive market.
CBA reported a net profit of $3.7 billion for the first half of the 2013 financial year.
