The Commonwealth Bank of Australia (CBA) today reported a better than expected seven per cent rise in annual net profit.
In the year to June 2008, the bank delivered a net profit after tax of $4,791 million.
CBA chief executive officer Ralph Norris said it was a solid performance for the bank in “what has been a challenging year for the global banking industry”.
The financial results came with news that the bank has withdrawn its proposal to acquire the Australian arm of ABN AMRO.
The bank said the decision was reached based on “uncertainty in world financial markets and the risks involved in integrating these complex businesses at this time”.