CBA posts profit boost
The Commonwealth Bank has finished the year with $7.6 billion in net profit after tax - an 8 per cent boost on the previous year.
The bank’s wealth management division also recorded substantial growth, finishing the financial year with $687 million, which represents 9 per cent growth on the year ending 30 June 2012.
CBA, which posted its annual results to the Australian Securities Exchange this morning, also highlighted the $716 million in insurance income.
“Retail advice lapse rates increased over the year, though this trend moderated in the second half,” the bank said.
“While claims experience improved overall, wholesale life net revenue declined significantly due to unfavourable claims experience and claims reserve increases.”
General insurance also delivered a strong result with a 40 per cent increase in income driven by inforce premium growth of 18 per cent, and improved event and working claims, the bank added.
CBA also noted an increase in spending on risk and compliance, as the Stronger Super and Future of Financial Advice reforms rolled in.
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