CBA profit up 4% to $4.8bn
The Commonwealth Bank of Australia has seen its profit rise by 4 per cent to $4.8 billion for the half year ending 31 December 2015, with its funds management business also seeing an increase.
Reporting its half-year financial results to the ASX, the bank said investors could expect a fully-franked divided of $1.98 per share.
The bank's statutory net profit after tax (NPAT) of $4.6 billion saw an increase of 2 per cent on the half year ending 31 December 2014.
CBA also said it had experienced a 5 per cent increase in its funds management income to $964 million, while its average assets under management increased 6 per cent to $199 billion.
"Average funds under administration (FUA) increased 6 per cent to $133 billion. The First Choice and Custom Solutions platforms experienced solid growth in average FUA of 7 per cent and 15 per cent respectively," CBA said.
"FUA margins declined slightly due to lower platform margins, driven by competition and continued run-off in the legacy investment business, partly offset by higher advice revenue."
CBA also updated the market to highlight that "approximately" 8,000 applicants have requested their advice be reviewed, and more than 1,900 customers have had their advice assessed as of 31 December 2015.
Commenting on the results, CBA chief executive Ian Narev said the bank's "focus on customers has continued during this period to benefit the people, businesses and communities" it serves.
"Customer satisfaction has again led to volume growth across our businesses. Operating income grew 6 per cent during this period, with all businesses contributing," he said.
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