Commbank’s strong September quarter
Strong investment performance and rising equity markets have helped the Commonwealth Bank post solid September quarter cash earnings of $2.1 billion and statutory unaudited net profit also of $2.1 billion.
In a September quarter trading update filed on the Australian Securities Exchange (ASX) today, the big banking group pointed to a range of factors assisting its result, including its FirstChoice and Custom Solutions platforms achieving combined net flows of $0.9 billion.
As well, the ASX update said that insurance inforce premiums had increased by 2 per cent, with general insurance and direct life benefiting from continued sales momentum in retail bank channels.
It said a combination of solid revenue growth and cost discipline had resulted in positive "jaws" in the quarter.
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