May 8, 2018 / 10:43 PM / 5 months ago

Australia's Commonwealth Bank Q3 profit falls 2 pct as charges mount

May 9 (Reuters) - Commonwealth Bank of Australia posted a 2 percent fall in cash profit from a year ago as regulatory charges mount as a result of major failings in compliance and culture revealed by an independent inquiry. Cash earnings, a measure that excludes one-offs and non-cash accounting items, fell to A$2.35 billion ($1.75 billion) for the three months ended March 31 compared with A$2.4 billion reported a year ago, the bank said in a limited trading update.

Impaired assets for the quarter fell to A$6.6 billion, compared with A$6.7 billion last year. ($1 = 1.3419 Australian dollars) (Reporting By Rushil Dutta and Susan Mathew in Bengaluru; Editing by Stephen Coates)

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