Commonwealth Bank Says Operating Condition Difficult

Post by NeilMc on June 24, 2009 · Under Australian Economy, banking · Comment 

Australian banking major, Commonwealth Bank of Australia has said that operating conditions continue to be difficult though it remains well placed to deal with the challenges.

In a presentation to the investment bank UBS on Wednesday; CBA said its approach going forward would be both cautious and conservative.

CBA said that the performance of its core business has been good during the March quarter with unaudited earnings of $1.15 billion. CBA said there had however been a “prudent” increase in provisions.

CBA said that is continued to remain well funded having raised all of its funding requirements for the 2009 financial year. CBA’s Tier 1 capital ratio now stood at 8.33 per cent the lender said.


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