Commonwealth Bank of Australia (CBA) has reported cash profit of A$2.4bn for the first quarter of fiscal year 2017, unchanged compared to the prior year.

The bank’s statutory net profit for quarter ended 30 September 2016 stood at A$2.4bn.

The group’s Basel III common equity tier 1 (CET1) APRA ratio stood at 9.4%, while leverage ratio was 4.8% on an APRA basis.

The bank further said that funding and liquidity positions during the quarter remained strong, with customer deposit funding at 66% and liquid assets reaching A$135bn.

The bank added that its group net interest margin was lower during the period, driven by higher funding costs.

In wealth management, average assets under management increased by 3% and funds under administration were up by 2%.

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By GlobalData