Commonwealth Bank’s Profit Growth Accelerates. On Track for a Strong FY18. AUD 85 FVE Unchanged
Wide-moat Commonwealth Bank of Australia’s strong start to fiscal 2018 supports our positive view in the earnings outlook for Australian’s most profitable bank. The impressive first-quarter cash profit of AUD 2.65 billion was AUD 100 million or 4% higher than we expected, and we increase our fiscal 2018 cash profit forecast by 1% to AUD 10.3 billion. We like the decade-low bad debt expense of just AUD 198 million for the September quarter, equating to a very low annualised loss rate of 0.11%. Th...Commonwealth Bank of Australia provides integrated financial services including retail, business and institutional banking, funds management, superannuation, life insurance, general insurance, broking services and finance company activities. Co. operates in seven segments, Retail banking Services, Business and Private Banking, Institutional Banking and Markets, Wealth Management, New Zealand, Bankwest, as well as International Financial Services and Other Divisions. As of June 30 2016, Co. had total assets of A$933.1 million and total deposits of A$588.0 million.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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