Cba Eyes Profit Record

The Commonwealth Bank rest on track to obtain yet another record profit result this twelvemonth aft(prenominal) turning in third-quarter earnings of $1.7 billion today. merely in doing so, the countrys biggest lender sent a coded shot crossways the bows of the Reserve Bank about early interest rate rises, truism that consumer and line of work confidence remains fragile while credit and lending growth continues to be subdued. CBA sh atomic number 18s ended the day up 32 cents, or 0.6 per cent, at $52.52. Advertisement: Story continues below Todays figure takes the sorts cash in profits for the 2011 year to date to $5 billion following the interim earnings result for the sise months that ended in December of $3.3 billion. And even while consumers and businesses are borrowing less, the performance so far should see the assert comfortably top last years cash earnings of $6.1 billion. The result comes as the other members of the big quaternity banks also eye another round of record yearbook profits. They turned in combined half-year cash earnings of virtually $12 billion last week although they underlined the problems in effort profit growth against the backdrop of lower lending across the domestic rescue.

The announcement, however, reflected the current cautious view expressed by all of the countrys leading bankers that while the economy remains in good shape overall at that place is still doubt about the immediate prospects for lending growth. produce concerns CBAs chief executive Ralph Norris joined the chorus after last weeks half-year profit figures from his rivals, Westpac, ANZ and National Australia Bank, saying that the current environment remains challenging. And in a reflection of his own comments made back in February at CommBanks interim results, Mr Norris said that the fragile nature of consumer and business confidence was leading to continued subdued spending patterns and deadening lending growth across the sector. Bank chiefs are abridge increasingly concerned at the stance of the Reserve... If you want to get a full essay, order it on our website: Orderessay

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