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.
Recommended for you
In this week’s episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford discuss a busy week of announcements from ASIC, with submissions to its public and private markets paper made (mostly) public.
In this week’s episode of Relative Return Insider, AMP chief economist Shane Oliver joins the show to unpack Australia’s underwhelming March quarter GDP figures and what they signal for the Reserve Bank’s next move.
The latest episode of Relative Return sees host Laura Dew chat with Brian Jones, founder of outsourcing company VA Platinum, on why choosing to outsource certain functions of your business can enable you to be efficient and productive.
In this episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford are joined by Money Management editor Laura Dew to discuss learnings from JP Morgan’s recent conference in London, and what top fund managers and analysts see driving market behaviour.
