The cash net profit was up 7% to US$3.576 billion, compared to US$3.335 billion in December 2010.
In spite of the profits made, the wealth management unit of the bank saw a decline of a staggering 24% at US$272 million as on 31 December 2011, compared to US$359 million a year earlier.
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Ian Narev, chief executive of Commonwealth Bank, attributed the decline in wealth management business to the weak growth in markets-based business, due to volatility in global financial markets.
Further, the company added that deteriorating global investment markets, which offset a solid insurance performance due to strong inforce premium growth and stable claims experience, had also impacted the bank’s wealth management business.
Commenting on the result, Narev also made clear that the banking group had no plans to either send jobs offshore or to embark on major redundancy programs.
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