Australia's biggest mortgage lender announces profit
13 February 2008
Australia's biggest mortgage lender, the Commonwealth Bank of Australia Ltd (CBA) has announced a record first half profit of $2.371 billion
This represents an 8 percent increase to the mortgage lender on the first half figures for the corresponding period last financial year.
Chief executive Ralph Norris said the Commonwealth Bank was satisfied with the results.
"The last six months has been challenging for global banking and wealth management as the sub-prime assets crisis in the United States has unfolded,"
"The group has no direct exposure to sub-prime but the volatility which has arisen in international and domestic financial markets has put significant upward pressure on wholesale funding costs.
"While we have a highly diversified wholesale funding program, we are not insulated from these increases having incurred additional funding costs of $100 million in the first half."
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