Commonwealth Bank of Australia reports 1.69 bln USD profit for Q1
2012-05-17 18:04:23
Commonwealth Bank of Australia (CBA), the nation's largest retail bank, on Thursday posted a net profit of 1.7 billion AU dollars (1.69 billion U.S. dollars) for the three months to March this year.
The bank said higher funding costs had a further negative impact on its margins in the March quarter.
CBA's unaudited net profit for the March quarter is slightly lower than the 1.8 billion AU dollars (1.79 billion U.S. dollars) forecast by analysts.
The March quarter result came after the bank achieved a net profit of 3.62 billion AU dollars (3.59 billion U.S. dollars) for the six months to December 31, and has put the bank on track for a full year profit of just over 7 billion AU dollars (6.95 billion U. S. dollars).
CBA Chief Executive Officer Ian Narev said in a statement that the outlook for financial markets remained uncertain and the bank had retained its conservative business settings, including tight expense control, a conservative funding profile and strong provisioning levels.