Commonwealth Bank of Australia’s record profit run got a leg up from other banking income — which includes sales and trading income, and fees and commissions.
Other banking income increased 24% to $2,99 billion, including a $397 million gain on sale of the Group’s remaining investment in Visa, the lender said. The division also benefited from a strong sales and trading performance in markets, and growth in fees and commissions, it said.
Commissions rose 9%, lending fees pushed 5% higher and trading income soared 21% in the six months ended December 31 from a year earlier, the Sydney-based bank said.
The growth in other income compared with just a 4% increase in net interest income with average interest earnings assets climbing just 5% in the period.
Increased political risks has lifted volatility in global markets boosting fees and trading income for lenders across the world.