CBA demerger frames solid quarter
The Commonwealth Bank (CBA) has earmarked late 2019 for completing the demerger of its wealth assets – Colonial First State, Count Financial, Financial Wisdom and Aussie Home Loans – after it today released a September quarter trading update revealing an unaudited statutory net profit of $2.45 billion.
The big banking group said operating income was up one per cent.
Commenting on the update, CBA chief executive, Matt Comyn said the recently announced sale of the bank’s global asset management business, Colonial First State Global Asset Management had built on a number of previously announced divestments and the demerger of the wealth management and mortgage broking businesses.
He said it represented another important milestone in the CBA strategy to focus on core banking businesses.
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