CBA gets other banking income boost as lending growth begins to slow

Photo by Kevin Frayer/Getty Images

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.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.