Commonwealth Bank of Australia announces 89 percent profit rise
The Commonwealth Bank of Australia Ltd (CBA) announced Wednesday its net profit had risen to 2.70 billion Australian dollars (1.5 billion US) for the year to June 30.
The CBA's result was an 89 percent increase on the previous year's profit level of 1.422 billion dollars.
However, the bottom line was inflated by an after tax abnormal gain of 967 million dollars through its merger with Colonial Group earlier this year, leaving an underlying profit of 1.7 billion dollars and an increase of 22 percent once abnormals had been discounted.
The bank declared a fully franked final dividend of 72 cents, up from 66 cents for the corresponding period of the previous financial year.
A CBA statement said the result was built on net interest income of 3.72 billion dollars, up from 3.53 billion dollars.
However, the statement was not well received by the stock market which immediately pulled its share price down 15 cents to 29.40 dollars in a rising market. — (AFP)
© Agence France Presse 2000
© 2000 Mena Report (www.menareport.com)