CBA posts solid half
The Commonwealth Bank has reported a statutory net profit after tax of $4.599 million for the six months ended 31 December, with cash profit from continuing operations up 1.7 per cent to $4.676 million.
This was despite operating income being down 1.9 per cent to 12,408 million.
Commonwealth Bank chief executive, Matt Comyn said the company had continued to deliver strong core business outcomes in a challenging period.
The big banking group signalled that its restructuring process including exiting wealth was progressing but at the same time pointed to its wealth management business making a cash net profit after tax of $263 million for the period, down significantly from the previous half.
Looking at the soon to be disposed of wealth business, the bank said the life business cash net profit after tax was down 87 per cent to $12 million as a result of higher retail and wholesale claims experience and lower premium income, with a 20 per cent decrease in in-force premiums reflecting higher lapses including the loss of some large wholesale schemes.
Where CFS Global Asset Management was concerned, it said cash net profit for the half was down 23 per cent to $115 million on the back of a four per cent decreased in average assets under management.
The bank has declared an interim dividend of $2 per share.
Recommended for you
Centrepoint Alliance, the third-largest advice licensee, has reported 40 per cent growth in its managed accounts business, but profits fell by a third.
Prosperity Advisers Group, a mid-tier advisory firm, has surpassed $1 billion in funds under management, hitting this milestone following a “sustained period of growth for the firm”.
Forbes Fava Financial Planning has acquired Melbourne-based firm Financial Planit, taking “another key step” towards its long-term strategic growth plans for the region.
Self-licensing specialist My Dealer Services has announced partnerships with five businesses, including Morningstar and Peloton Partners, to expand its service offering.
