Commonwealth Bank of Australia
(ASX:CBA) says a combination of solid revenue growth and cost discipline has generated a strong first-quarter profit.
In the three months to September 30, CBA said its unaudited cash earnings totalled $2.1 billion, compared to $1.85 billion in the previous corresponding period.
The lender says statutory net profit in the same period was also $2.1 billion, an increase on the $1.8 billion posted in the first quarter of fiscal 2012.
CBA said its group net interest margin was slightly lower than the prior half, reflecting deposit margin compression in a lower interest rate environment.
Lower interest rates helped spur growth in business activity compared to a year ago, though total credit growth was modest due to higher levels of loan repayments.
CBA generated a net profit of $7.7 billion in the 2013 financial year.
