CBA expecting strong profit growth
January 15, 2010
Commonwealth Bank of Australia (CBA) said, at the close of trade Friday, it was expecting a post-tax profit for the six months to 31 December 2009 of around $2.9 billion. The bank said this was ‘well ahead’ of consensus estimates of a profit of around $2.7 billion.
The Commonwealth Bank said the upbeat forecast was on the back of solid income and volume growth across the banking business. Other contributing factors the bank noted include fewer writedowns which had racked the sector in recent times and resurgent equity market.
The bank in the previous corresponding period posted a net profit of $2.573 billion, with this year’s finalised figures set to be release on 11 February 2009.
At the close of the trade Friday, Commonwealth Bank shares were up $1.31 to $58.10, rising from a loss in the last few minutes of trade.
The Commonwealth Bank said the upbeat forecast was on the back of solid income and volume growth across the banking business. Other contributing factors the bank noted include fewer writedowns which had racked the sector in recent times and resurgent equity market.
The bank in the previous corresponding period posted a net profit of $2.573 billion, with this year’s finalised figures set to be release on 11 February 2009.
At the close of the trade Friday, Commonwealth Bank shares were up $1.31 to $58.10, rising from a loss in the last few minutes of trade.
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