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Commonwealth Bank of Australia ( (AU:CBA) ) just unveiled an update.
ASB, a subsidiary of the Commonwealth Bank of Australia, has reported a 1% increase in cash net profit after tax, amounting to $716 million for the half-year ending December 2024, reflecting a recovering economy. The growth is driven by increased lending volumes and favorable interest rate hedging, although offset by rising operating expenses. Despite a decline in profitability as measured by return on equity, additional shareholder investment supports ASB’s growth in New Zealand. The bank has also reduced home loan rates to aid borrowers, with a significant number of customers expected to benefit from lower rates by the year’s end.
More about Commonwealth Bank of Australia
Commonwealth Bank of Australia (CBA) is a major financial services provider in the banking industry, offering a range of products and services including personal banking, business banking, and wealth management. It primarily focuses on supporting customers in Australia and New Zealand, with a strong market presence in these regions.
YTD Price Performance: 6.25%
Average Trading Volume: 1,806,297
Technical Sentiment Consensus Rating: Sell
Current Market Cap: A$272B
For detailed information about CBA stock, go to TipRanks’ Stock Analysis page.
