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CBA profit hit by difficult economic environment

by Staff Reporter7 minute read
The Adviser

The Commonwealth Bank today reported a rise in first-half net profit of 9 per cent to $2.57 billion, compared to $2.37 billion a year earlier.

The bank’s cash net profit however, which removes volatile items, fell 16 per cent year on year, after a significant increase in impairment expenses of $1.607 billion, the bank said today.

Ralph Norris, Commonwealth Bank CEO, said while it was always disappointing to announced a decline in earnings “ this is a solid result given the difficult economic environment which prevailed over the period”.

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