August 7, 2018 / 9:45 PM / 4 months ago

Australia's Commonwealth Bank profit hit by compliance costs

Aug 8 (Reuters) - Commonwealth Bank of Australia (CBA) on Wednesday said its full-year unaudited cash profit fell 4.8 percent as regulatory charges related to an ongoing inquiry into the banking sector continued to pressure earnings.

Cash earnings, a measure that excludes one-offs and non-cash accounting items, fell to A$9.23 billion ($6.84 billion) for the year ended June 30 compared with A$9.70 billion a year ago, Australia’s biggest bank said.

CBA declared a fully franked final dividend of A$2.31 per share, in line with A$2.30 a share a year ago.

$1 = 1.3484 Australian dollars Reporting by Rushil Dutta in Bengaluru; Editing by Stephen Coates and Lisa Shumaker

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