August 6, 2019 / 9:44 PM / 4 months ago

Commonwealth Bank of Australia FY profit drops 4.8%, misses forecast

Aug 7 (Reuters) - Commonwealth Bank of Australia, the country’s largest lender, reported a 4.8% drop in annual cash earnings on Wednesday as record-low interest rates, refund costs and rising competition for loans ate into margins.

Cash profit from continuing operations, a measure that excludes one-offs and non-cash accounting items, fell to A$8.49 billion ($5.74 billion) for the year ended June 30.

The result missed an average forecast of A$8.73 billion from six analysts polled by Reuters. CBA reported a cash profit of A$8.92 billion a year earlier.

$1 = 1.4795 Australian dollars Reporting by Nikhil Kurian Nainan and Rushil Dutta in Bengaluru; Editing by Arun Koyyur

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