Commonwealth Bank Profit Rises; in Talks Over Life Business
- Establishes board committee to oversee money-laundering suit
- Bank to buy remaining 20% of Aussie Home Loans business
Morningstar Analyst Sees Strong CBA Earnings
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Commonwealth Bank of Australia reported its eighth consecutive year of record profit, driven by growth in mortgage and business lending.
Cash profit, which excludes one-time items, rose 4.6 percent to A$9.88 billion ($7.8 billion) in the 12 months ended June 30, from A$9.45 billion a year earlier, the Sydney-based lender said in a filing Wednesday. That compares with the A$9.79 billion median estimate of 13 analysts, according to data compiled by Bloomberg.