Commonwealth Bank of Australia, the country’s second largest lender by market cap, beat analysts’ expectations on Wednesday, reporting that annual net profit fell 1% after bad debt charges rose and its wealth management unit generated less income. For the full year to June 30, CBA posted net earnings of A$4.72bn (S$3.89bn), against A$4.79bn a year earlier. Bankwest, a local player acquired from the UK’s HBOS last year, contributed A$612m.

This entry was posted by Gwen Robinson on Thursday, August 13th, 2009 at 4:56 and is filed under Capital markets. Tagged with BankWest, CBA. Edit this entry.