Profit slide caps turbulent year for Commonwealth Bank

SYDNEY: Australia’s biggest bank, the Commonwealth, posted a slide in annual profits on Wednesday (Aug 8), capping a tumultuous year for a troubled lender which has been rocked by scandals and board upheaval.

The country’s largest firm by market capitalisation reported Aus$9.37 billion (US$6.95 billion) in statutory net profit from continuing operations for the year to Jun 30, a four per cent drop.

Cash profits, its preferred earnings measure, also fell, down 4.8 per cent to Aus$9.23 billion from the previous year and below market expectations.


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