FX.co ★ Commonwealth Bank Of Australia Q3 Cash Net Profit Down 5%

The Commonwealth Bank of Australia (CBA.AX) recently announced an unaudited cash net profit after tax of approximately A$2.4 billion for the third quarter, representing a 5% decrease compared to the previous comparable quarter. Notably, the statutory net profit after tax for this period also stands at roughly A$2.4 billion. The bank attributed a 1% decline in operating income to having one less operational day in the quarter.

Furthermore, operating expenses increased by 2%, due to higher amortization and staff expenses. However, the bank has taken several productivity initiatives to counterbalance these escalated expenses.