Commonwealth Bank Posts Record Profit as Bad Debt Charges Fall
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Commonwealth Bank of Australia, the nation’s biggest bank by market value, reported record full-year profit as lending income rose and charges for soured loans fell.
Net income in the 12 months ended June 30 surged 11 percent to A$7.09 billion ($7.4 billion), the Sydney-based bank said in a statement today. Commonwealth Bank was expected to report profit of A$7.15 billion, according to the average of 10 analysts’ estimates compiled by Bloomberg.