Commbank report $4535 million half
The Commonwealth Bank has reported an eight per cent increase in statutory net profit after tax of $4535 million for the first half but with its wealth management business posting a 12 per cent decline on the prior comparative period.
Commonwealth Bank chief executive, Ian Narev described the banking group's overall half-year result as demonstrating the benefits of sticking to a consistent strategy and the directors declared an interim dividend of $1.98 up eight per cent on the 2014 interim dividend.
However the wealth management business reported that cash net profit after tax was down 12 per cent on the prior comparative period to $347 million with insurance income down two per cent and retail life insurance income down five per cent, albeit that whole life insurance had benefited from improved pricing.
It said that its general insurance income had decreased by 36 per cent with the result impacted by the Brisbane hail storm.
The bank's topline analysis of its wealth management division pointed to aveage funds under administration growing by 11 per cent with 85 per cent of funds outperforming their respective three year benchmarks.
Commenting on the outlook for the 2015 calendar year, Narev said the Australian economy had many of the foundations necessary to make a successful transition from its dependence on resource investment.
However he also noted that weak confidence as a significant economic threat.
Recommended for you
As ASIC looks to publish firm-level data on the internal dispute resolution regime, a compliance professional has warned it could have unintended consequences, such as under-reporting.
Selfwealth’s acquirer, Syfe Group, has said the firm is hopeful of opportunities from the mass affluent population as it believes a gap exists between DIY brokerage and financial advisers.
Rose Partners, which has a strategic partnership with AZ NGA, has purchased an advisory and accounting business based in Queensland to drive its expansion.
Having already completed three major sales, Iress has announced its latest divestment following a strategic review conducted during its transformation program.
