Of Special Interest

Filters

[x] [x]

17th February 2012

Commonwealth Bank first half profit up 19%

Commonwealth Bank of Australia reported net attributable for the six months to the end December of A$3,624m (€2,972m £2,481m $3,891m ¥305.2bn Y24,490m), UP 19% on the year ago figure.


The main generators of the increased profit were higher net interest income combined with lower loan losses whilst restricting the expense increase. The result was further helped by proportionately lower tax. The result was better than consensus forecast and arch-rival National Australia.


Income summary six months ending Dec2011 June2011 Dec2010
A$M A$M A$M
Interest income 19,235 18,834 18,470
Interest expense (12,698) (12,356) (12,341)
_______________________________
Net interest income 6,537 6,478 6,129
Other banking income 2,172 1,850 1,780
____________________________
Net banking operating income 8,709 8,328 7,909
Funds management income 981 1,030 966
Investment (expense)/revenue (135) 224 630
Claims and policyholder liability revenue 111 (223) (585)
Net funds management operating income 957 1,031 1,011

Premiums from insurance contracts 1,006 942 942
Investment revenue 218 240 307
Insurance-Claims and policyholder liability (602) (650) (663)
_____________________________
Net insurance operating income 622 532 586

Total net operating income 10,288 9,891 9,506
Loan impairment expense (545) (558) (722)
Operating expenses (4,682) (4,598) (4,462)
______________________________
Net profit before income tax 5,061 4,735 4,322
Corporate tax expense (1,388) (1,320) (1,161)
Policyholder tax expense (40) (66) (100)
______________________________
Net profit 3,633 3,349 3,061
Non-controlling interests (9) (7) (9)
_____________________________
Net attributable to Equity holders of the Bank 3,624 3,342 3,052