The wealth management division of Australian lender Commonwealth Bank (CBA) increased its funds under administration (FUA) by 11% in the second half of 2014.
The bank said that nearly 85% of its funds outperformed their respective three year benchmarks.
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For the six months period ended 31 December 2014, the wealth management reported net profit after income tax of $347m, down 12% from $393m a year ago.
Overall, the group recorded a statutory net profit after tax of $4.54bn, up 8% compared to the year ago period.
The bank’s overall cost to income ratio increased by 70 basis points to 42.2%.
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By GlobalData
