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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.

by RTTNews Staff Writer

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