The wealth management division of Commonwealth Bank of Australia (CBA) has reported net profit of A$687 million (US$624.68 million) for the financial year ended 30 June 2013, an increase of 9% from A$629 million (US$571.95 million) reported a year ago.
The group’s net profit for the year rose by 8% to A$7.68 billion, which represents an 8% per cent increase on the prior year.
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Profits in the retail bank, which offers mortgage and deposit products to individuals, jumped 13% following a string of interest rate cuts by Australia’s central bank aimed at boosting weaker parts of the economy like home buying as a decade long mining boom fades.
Cash profit — which strips out one-off costs — was A$7.81 billion, up 10%.
The group’s cash return on equity was 18.4% and it has declared a final dividend of A$2 per share.
CBA chief executive Ian Narev said key economic drivers like consumer confidence, Chinese demand for Australian commodities and the Australian dollar had been "mixed" during the past six months. Business conditions in the current financial year would be similar to those experienced in the past year.
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