May 12, 2019 / 10:56 PM / 2 months ago

Australia's Commonwealth Bank Q3 profit slides as remediation costs pile on

May 13 (Reuters) - Commonwealth Bank of Australia, the country’s biggest lender, reported on Monday lower unaudited cash profit for the third quarter, hit by higher customer compensation charges related to a landmark financial sector inquiry.

Cash earnings from continuing operations fell to A$1.70 billion ($1.19 billion) for the three months ended March 31. It reported cash earnings of A$2.35 billion a year ago.

The lender said it set aside an extra A$714 million to compensate aggrieved clients during the quarter.

$1 = 1.4306 Australian dollars Reporting by Nikhil Kurian Nainan and Rushil Dutta in Bengaluru; Editing by Shounak Dasgupta and Peter Cooney

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