CBA says FUA down 1.7% in March quarter
April 27, 2010
Commonwealth Bank of Australia (CBA) reported a 1.7% drop in Funds under Administration to $189 billion in the three months to 31 March 2010. The company said net flows for the quarter were impacted by outflows from Wholesale short-term cash mandates to be negative $4.4 billion.
CBA said FirstChoice recorded positive net flows of $702 million for the quarter.
The company said Funds under Management at 31 March 2010 were $145 billion, down 2.6% for the quarter impacted by outflows from short term cash mandates.
Meanwhile, Property & Alternate Investments were impacted by the sale of Aurora Place to also finish down for the quarter.
CBA said a solid increase in Wholesale Life and consistent growth in Retail Life and General Insurance resulted in Insurance Inforce Premiums increasing 3.1% over the quarter to approximately $1.55 billion.
At the close of trade Tuesday, CBA shares were trading at $58.15.
CBA said FirstChoice recorded positive net flows of $702 million for the quarter.
The company said Funds under Management at 31 March 2010 were $145 billion, down 2.6% for the quarter impacted by outflows from short term cash mandates.
Meanwhile, Property & Alternate Investments were impacted by the sale of Aurora Place to also finish down for the quarter.
CBA said a solid increase in Wholesale Life and consistent growth in Retail Life and General Insurance resulted in Insurance Inforce Premiums increasing 3.1% over the quarter to approximately $1.55 billion.
At the close of trade Tuesday, CBA shares were trading at $58.15.
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