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Commonwealth Bank of Australia posts 7.09 bln AUD full-year profit

08-15-2012 11:15 BJT

SYDNEY, Aug. 15 (Xinhua) -- Commonwealth Bank of Australia (CBA) , the country's largest retail bank and one of the "Big Four", on Wednesday posted a full year profit of 7.09 billion AU dollars (7. 43 billion U.S. dollars), up 11 percent on the prior year.

CBA's cash net profit after tax was 7.11 billion AU dollars (7. 45 billion U.S. dollars) in the year to June, a rise of 4 percent on last year's result.

"This is a good result given the uncertain environment in which we are opening," CBA Chief Executive Officer Ian Narev said on Wednesday in a statement.

Narev said ongoing caution from the bank's retail and corporate customers was slowing its revenue growth, adding that current revenue trends were likely to continue.

"This translated into lower credit growth and great pressure on market sensitive businesses. In addition, higher funding costs have put pressure on margins as competition for domestic deposits intensifies and wholesale funding continues to be expensive," he said.

CBA's revenue in the year to June was 47.2 billion AU dollars ( 49.43 billion U.S. dollars), up two percent on the previous year.

The bank declared a final dividend of 1.97 AU dollars a share, an increase of 5 percent on the prior year.

CBA shares were up 29 AU cents at 55.83 AU dollars at 1140 local time on Wednesday.

 

 

Editor:James |Source: Xinhua

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