Solid growth for CBA wealth management
The Commonwealth Bank of Australia (CBA) said its wealth management and insurance divisions recorded "solid growth" in the September 2012 quarter as a result of improved investment markets.
In its quarterly trading update, CBA noted its funds under administration and funds under management grew by 6 per cent and 4 per cent respectively in the last quarter, though overall revenue growth reflected "conservative business settings, relatively slower system credit growth and elevated funding costs".
Platforms FirstChoice and Custom Solutions recorded combined net flows of $729 million.
"Insurance premiums grew 3 per cent, with improved penetration of the retail bank customer base for direct life and general insurance products," the bank added.
CBA's statutory net profit (on an unaudited basis) during the September 2012 quarter was $1.85 billion.
Recommended for you
In this episode of Relative Return Unplugged, hosts Maja Garaca Djurdjevic and Keith Ford, along with special guest Steve Kuper, discuss a whirlwind start to US President Donald Trump’s second term that all but kicked off a trade war.
The emergence of DeepSeek, a Chinese artificial intelligence (AI) start-up that claims to have built an advanced large language model in just two months for under US$6 million, sent shockwaves through the AI world and cratered US tech stocks.
Donald Trump’s presidency has already begun reshaping the corporate and political landscape in the US, with executive orders rolling back diversity, equity, and inclusion (DEI) initiatives and clean energy efforts.
In this episode of Relative Return Unplugged, hosts Maja Garaca Djurdjevic and Keith Ford are joined by AMP chief economist Shane Oliver to take a look at what can be learned from 2024 as attention turns to what markets will do in the new year.
