CANBERA (dpa-AFX) - Commonwealth Bank of Australia (CBA.AX) reported that its net profit after tax for the first half of the 2020 financial year rose 34% to A$6.16 billion from last year, driven by the A$1.69 billion gain from the sale of its global asset management business, Colonial First State Global Asset Management.
But, cash net profit after tax was A$4.48 billion, down 4.3% from the prior year.
Operating income of A$12.4 billion for the half was flat versus the prior comparative period, with volume growth in the core business offset by bushfire related insurance claims and customer fee removals.
Net interest income rose about 2 percent to A$9.29 billion from last year, due to volume growth in core businesses and stable Group NIM.
Non-interest income was down 4.6%, largely due to the impact of bushfire related claims of $83m oninsurance income, the removal and repricing of certain wealth management fees, and a realised loss on the hedge of New Zealand earnings.
The company declared an interim dividend of $2.00 per share. The interim dividend will be paid on 31 March 2020.
Copyright RTT News/dpa-AFX
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