Commonwealth Bank of Australia on Monday said cash profit dropped 28% in the thi...
SYDNEY - Commonwealth Bank of Australia on Monday said cash profit dropped 28% in the third quarter as the country’s biggest lender was whacked by falling fee income, rising refunds for wronged customers and squeezed margins.
CBA said it set aside another A$714 million to compensate customers in the three months to end-March, while lower fees and rising expenses also dragged on profit. That takes total set aside for remediation over A$2 billion. “Obviously the revenue is softer ... the credit environment is softer, the Aussie economy is softer.”
“The magnitude of the fee resets is significant,” JPMorgan analysts told clients in a note. “We expect to drive downgrades to ... consensus earnings.”
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Commonwealth Bank of Australia profit drops on fee cuts and refundsCommonwealth Bank of Australia on Monday said cash profit dropped 28% in the thi...
Read more »
Australia's Commonwealth Bank profit hit by further remediation provisionsCommonwealth Bank of Australia took a hit to its third-quarter cash profit on Mo...
Read more »
LendingClub beats profit estimates on higher transaction feesLendingClub Corp beat quarterly profit estimates on Tuesday, boosted by a rise i...
Read more »
Pandora to cut 1,200 jobs as first-quarter profit, sales fallPandora will lay off another 1,200 workers in Thailand as new CEO Alexander Laci...
Read more »
Viacom profit beats on cost cuts, success of 'Bumblebee'Media company Viacom Inc beat quarterly profit estimates on Friday, as costs fel...
Read more »
Profit runs dry at Australia's GrainCorp as drought withers cropsAustralia's biggest listed bulk grain handler, GrainCorp Ltd, on Thursday r...
Read more »
Tyson Foods expects to profit from hog fever in China, warns it may hit U.STyson Foods Inc said on Monday that the U.S. meat processing industry could reap...
Read more »
BMW quarterly profit tumbles 78 percent, hit by 1.4 billion euro legal provisionBMW's first-quarter operating profit fell 78 percent to 589 million euros, ...
Read more »
Thomson Reuters profit tops Wall St. forecasts, shares hit all-time highThomson Reuters Corp on Wednesday reported stronger-than-expected quarterly prof...
Read more »
Australia first-quarter retail sales worst in near seven years, rate cut bets aliveAustralian retailers posted their weakest quarter in seven years in March in a b...
Read more »
Australia's big banks search for new customers with cut price fixed loansAustralia and New Zealand Banking Group cut fixed mortgage rates on Friday, the ...
Read more »