Commonwealth Bank of Australia (CBA) Shares News
Australian Shares News 13th May 2010
Commonwealth Bank of Australia (CBA) is Australias largest bank and the second largest listed company in the Australian stock market.
Its operations span from home loans, to wealth management, to brokerage operations.
Recently, CBA advised that its cash earnings for the March 2010 quarter totalled approximately $1.5 billion.
The result was driven by solid volume growth and disciplined cost control, although it was impacted by around $500 million in impairment expenses.
The result slightly disappointed the market, and CBA cautioned that the outlook for credit growth remained muted whilst higher funding costs threatened to crimp its margins.
The profit announcement and class action news saw CBA shares decline 1% on that day despite the stock market putting on a half a percent gain.