Commonwealth Bank Quarterly Profit Rises

By Robb M. StewartFeaturesDow 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.

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.

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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

(END) Dow Jones Newswires

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