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Commonwealth Bank Profit Rises 3% to Record on Retail Earnings

Commonwealth Bank of Australia, the nation’s largest lender, posted a 3 percent increase in full-year profit to a record for the seventh consecutive year, driven by higher earnings at its retail banking unit.

Cash profit, which excludes one-time items, rose to A$9.45 billion ($7.25 billion) from A$9.14 billion a year earlier, the Sydney-based lender said in a regulatory filing Wednesday. That compared with the A$9.5 billion mean estimate of 13 analysts surveyed by Bloomberg.