Commonwealth Bank of Australia
(ASX:CBA) has increased its first quarter cash profit by more than expected in the three months to the end of September.
Australia’s biggest bank posted a first quarter cash profit of $2.3 billion, up from expectations of $2.2 billion and up from last year’s result of $2.1 billion.
The bank’s first quarter net profit came in at $2.4 billion, putting it on track to deliver another record annual result.
CBA says overall business momentum was maintained and revenue growth and continued cost disciple resulted in positive “jaws” being maintained.
The company also noted group net interest margin came in marginally lower with improved wholesale funding costs more than offset by competitive pricing impacts.
Commonwealth Bank of Australia’s net profit rose to a record $8.65 billion in the 2014 financial year.
