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Lender reports solid earnings

by Staff Reporter7 minute read
The Adviser

The Commonwealth Bank of Australia has today turned in third quarter earnings of $1.7 billion.

The figure takes the major’s total cash profits for the 2011 year to date to $5 billion.

But despite the pleasing result, CBA’s chief executive Ralph Norris said the current environment remains ‘challenging’ for all lenders.

Subdued consumer and business confidence is stifling spending and resulting in muted lending growth.

Mr Norris said Australians and businesses were still recovering from the effects of the GFC and, as such, spending could be muted for some time.

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