Solid growth for CBA wealth management
The Commonwealth Bank of Australia (CBA) said its wealth management and insurance divisions recorded "solid growth" in the September 2012 quarter as a result of improved investment markets.
In its quarterly trading update, CBA noted its funds under administration and funds under management grew by 6 per cent and 4 per cent respectively in the last quarter, though overall revenue growth reflected "conservative business settings, relatively slower system credit growth and elevated funding costs".
Platforms FirstChoice and Custom Solutions recorded combined net flows of $729 million.
"Insurance premiums grew 3 per cent, with improved penetration of the retail bank customer base for direct life and general insurance products," the bank added.
CBA's statutory net profit (on an unaudited basis) during the September 2012 quarter was $1.85 billion.
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