Commonwealth Bank of Australia has
reported annual net income down 1 percent to A$4.72 billion ($3.97
billion). The acquisition of Bankwest and St Andrew’s at a discount
to book (0.7 times) value created a one-off gain of A$612 million
after tax for the group.
CBA benefited from net interest income growth
of 21 percent year-on-year, while fee income grew 21 percent off
the back of strong trading income and higher commissions and
lending fees. The group’s domestic retail banking unit performed
strongly with cash net profit after tax of A$2.12 billion, up 10
percent.
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Ralph Norris, group chief executive officer,
said in a statement: “A number of factors contributed to this good
result including the strength of our banking franchise, our
emphasis on maintaining high credit standards and our determination
not to compromise our AA credit rating.
“As a result CBA is emerging from the global
financial crisis in a very strong position.”
In a separate announcement at the end of
August, CBA said in the six months since it launched its next
generation m-banking service, the channel had attracted 100,000
customers logging in on a regular basis. The most popular features
are viewing transactions, funds transfers and ‘BPAY’ bill
payments
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