Commonwealth Bank Quarterly Profit Rises

By Robb M. Stewart Features Dow Jones Newswires

MELBOURNE, Australia--Commonwealth Bank of Australia Ltd. (CBA.AU) reported a rise in its third-quarter profit as growth in home lending and household deposits offset margin pressures.

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Australia's largest lender by assets and market value on Tuesday reported an unaudited net profit of about 2.6 billion Australian dollars (US$1.9 billion) for the three months through March. That compares with A$2.4 billion recorded by the bank a year ago.

Third-quarter cash earnings, a figure followed by analysts that strips out some one-time items and costs, were around A$2.4 billion against last year's A$2.3 billion.

The Sydney-based bank, which notched a modest rise in its half-year profit to a fresh record, said the quarterly result was supported by income growth, cost discipline and sound credit quality.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

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May 08, 2017 18:47 ET (22:47 GMT)