logo
Plus   Neg
Share
Email

Commonwealth Bank Of Australia HY Profit Rises, But Cash Profit Down

Commonwealth Bank of Australia (CBA.AX) reported that its net profit attributable to Equity holders of the Bank for the half year ended 31 December 2017 rose to A$4.906 billion or 273.2 cents per share from A$4.895 billion or 276.6 cents per share last year.

The bank set aside A$575 million for potential fines from allegations it breached anti-money laundering rules, and to cover the cost of dealing with regulatory probes and compensating customers it mistreated.

On a Cash basis, profit declined to A$4.87 billion from A$4.91 billion in the previous year.

Net interest income for the period grew to A$9.253 billion from A$8.708 billion last year. Other banking income declined to A$2.896 billion from A$3.030 billion in the prior year.

The bank set aside A$375 million to pay any fines relating to the money-laundering case, saying it "believes this to be a reliable estimate of the level of penalty that a court may impose."

A$200 million expense provision was taken for expected costs relating to currently known regulatory, compliance and remediation program costs, including the Financial Services Royal Commission, the Bank said.

For comments and feedback contact: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Ford Motor Co. plans to launch an all-electric plugin version of its popular F-150 pickup truck. The announcement was made by Jim Farley, Ford's president of Global Markets, during a presentation at the Deutsche Bank Global Automotive Conference in Detroit. Ford's announcement comes as the auto industry transitions away from fossil fuel-powered transportation to electric vehicles. Logistics giant UPS' investment arm Strategic Enterprise fund made an equity investment in blockchain-for-business company Inxeption Corp. In a statement, Inxeption, an industrial-strength eCommerce platform built on Blockchain, said the investment will be used to create innovative new e-commerce solutions for B2B sellers and buyers. Children's clothing retailer Gymboree Group, Inc. has again filed for Chapter 11 bankruptcy protection, the second time in nearly two years. The company will close more than 800 Gymboree and Crazy 8 stores in the U.S. and Canada. The San Francisco-based retailer said that along with its U.S. subsidiaries, it has filed a petition in the U.S. Bankruptcy Court for the Eastern District of Virginia.
Follow RTT