August 12, 2020

Virus hits Commonwealth Bank profits in ‘challenging’ year

Sydney (AFP) – Australia’s Commonwealth Bank (CBA) reported an 11.3-percent drop in full-year cash profits Wednesday as it took provisions against loan losses due to the coronavirus crisis.CBA said its statutory net profit after tax for the year ended June 30 was Aus$9.6 billion (US$6.9 billion), up 12.4 percent from the previous year, mainly due to the sale of some businesses.The statutory figure had been down 8.1 percent in 2019 and 4 percent the previous year as CBA, Australia’s biggest bank, was weighed down by fines and reimbursements to customers over a raft of financial irregularities a…


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