Commonwealth Bank of Australia took a hit to its third-quarter cash profit on Mo...
FILE PHOTO: The logo for the Commonwealth Bank of Australia adorns their head office in central Sydney, Australia, October 12, 2017. REUTERS/David Gray
Cash earnings from continuing operations fell to A$1.70 billion for the three months ended March 31. It reported cash earnings of A$2.35 billion a year ago. In March, CBA halted the demerger of its wealth management and mortgage broking units to focus on refunding customers, mitigating past “issues” and implementing some of the recommendations from the year-long inquiry.The group’s common equity tier 1 ratio stood at 10.3% on March 31, however it excludes the 200 cents per share interim dividend the lender announced back in February where it also reported weaker-than-expected profit citing rising costs and fierce competition for mortgages.
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