Commonwealth Bank of Australia (CBA)’s wealth management division grew by 4% in the fiscal third quarter ended 31 March 2013.
Funds under administration and funds under management in the bank’s wealth division each grew by 4% in the quarter, benefiting from strong investment performance as global equity markets improved.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The bank’s FirstChoice and Custom Solutions attracted combined net flows of A$1.1 billion, with a second consecutive quarter of strong net flows to equities.
Overall the Australia’s biggest bank reported cash earnings of A$1.9 billion in three months to March, up from A$1.75 billion in the same period last year.
The increases were fueled largely by higher profit from Commonwealth Bank’s mortgage book. The lender said its group net interest margin–a key measure of bank profitability–rose as it re-priced its home loans, partly by not passing on in full the central bank’s steep rate cuts.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
