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Commonwealth Bank Of Australia Q1 Cash Net Profit Climbs, Income Down

Commonwealth Bank of Australia (CBA.AX) reported Wednesday that its first-quarter net profit after tax was around A$2.3 billion.

Cash net profit was around A$2.2 billion, up 20 percent from the same period last year. The result was lower than the 2H21 average, which benefited from the release of collective provisions.

Operating income declined 1 percent in the quarter due to 8 percent lower non-interest income, which offset 1 percent growth in net interest income.

Non-interest income was lower, primarily driven by the divestment of AHL, the non-recurrence of gains on minority investments from the reversal of an historical impairment in 2H21, and reduced retail banking volume related fee and merchant income due to the impact of COVID-19 related restrictions in NSW and Victoria.

In Australia, the bank shares traded at A$98.99, down 8.07 percent.

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