Funds management boosts CBA figures
TheCommonwealthBank has relied heavily on its funds management business to post an 11 per cent increase in its net profit to $2.7 billion today.
The bank’s funds management businesses contributed $216 million to the result, up $67 million or 45 per cent on the previous year.
In a statement issued today, the bank said the growth reflected in part the integration ofColonial First Stateproducts into the Commonwealth fold, which contributed to a jump in revenue growth from the fund management division of 14 per cent.
In December last year, the bank announced that it would merge its fund management unit with Colonial First State as part of its integration of the overall Colonial group.
The bank said today the integration of Colonial was largely complete, with the Commonwealth achieving its forecast $380 million in cost savings.
The bank also announced today that it planned to shed up to 1000 more jobs, despite the overall increase in profits.
The jobs are expected to go by the end of the financial year, adding to the 500 positions the Commonwealth has previously indicated it will axe.
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