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Australia’s CBA 3rd qtr cash profit rises 4.3 percent
May 8, 2017 / 10:42 PM / 7 months ago

Australia’s CBA 3rd qtr cash profit rises 4.3 percent

May 9 (Reuters) - Australia’s biggest bank Commonwealth Bank of Australia on Tuesday said third-quarter unaudited cash profit rose 4.3 percent as the credit quality of its lending business “remained sound”.

Cash earnings climbed to A$2.4 billion ($1.77 billion) for the three months ended March 31 compared with A$2.3 billion a year ago, the bank said in a limited trading update.

Bad debts rose to A$6.7 billion, compared with A$6.3 billion last year.

CBA’s update followed rivals Westpac Banking Corp, National Australia Bank, and Australia and New Zealand Banking Group reporting a rise in half-year cash profit over the last week. ($1 = 1.3550 Australian dollars) (Reporting by Rushil Dutta; Editing by Tom Brown)

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