The Commonwealth Bank hits $2.4 billion in quarterly cash profit

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The Commonwealth Bank reported unaudited cash profit of $2.4 billion for the September quarter, a 0.5% rise on the same three months last year.

The result was within analyst expectations and puts the bank on track to beat its $9.137 billion 2015 result.

Statutory net profit was $2.3 billion.

The banks says trading income was a little lower than the quarterly average for the 2015 financial year.

Home lending continued to trend in line with recent growth rates while core domestic business lending growth was at mid-single digit levels.

Credit quality remained sound, with arrears levels reducing across all consumer portfolios in line with seasonal expectations.

Troublesome and impaired assets reduced to $5.5 billion. Total loan impairment expense was $220 million in the quarter.

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