Commbank’s strong March quarter
The Commonwealth Bank has confirmed the strong start it has made to 2013, with a March quarter trading update revealing a statutory net profit of $1.9 billion and wealth management making a solid contribution.
The March quarter update, released on the Australian Securities Exchange (ASX), stated that revenue growth continued to reflect a combination of conservative business settings and modest system growth.
Dealing with divisional performance, the update said wealth management and insurance funds under administration and funds under management had each grown by 4 per cent in the quarter, benefiting from strong investment performance as global equity markets improved.
It said FirstChoice and Customer Solutions had attracted solid combined net flows of $1.1 billion, with a second consecutive quarter of strong net flows to equities.
However it said insurance premium growth had been subdued as strong momentum in general insurance and direct life had been offset by weaker wholesale risk and retail advice performance.
Recommended for you
In this episode, hosts Maja Garaca Djurdjevic and Keith Ford are joined by special guest Steve Kuper to dive deep into the recent US election results and what they mean for the world.
In this episode of Relative Return Unplugged, hosts Maja Garaca Djurdjevic and Keith Ford, are joined by special guest Stephen Miller, market strategist at GSFM, to unpack the latest inflation figures and what they could mean for the RBA’s coming rate decisions.
In this episode of Relative Return Unplugged, host Maja Garaca Djurdjevic, along with Momentum Media political commentator Liam Garman and special guest Shane Oliver, chief economist at AMP, dive into the looming US election and what it means for Australia’s economy.
In this episode of Relative Return, host Maja Garaca Djurdjevic speaks with Grant Hackett, CEO of Generation Life, and Rebecca Pritchard, senior financial planner at Rising Tide Financial Services, to discuss the challenges posed by evolving superannuation and tax policies and how advisers can support clients in this shifting landscape.
