CBA posts record profit
The Commonwealth Bank has posted another record cash profit of $9.14 billion, but will ask investors for another $5 billion.
The bank made the announcement on Wednesday morning as part of its full year results for 2014/15.
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CBA shares were placed in a trading halt ahead of the announcement. The bankâs profit was close to analystsâ expectations.
In the last five years, the bank has posted increasing cash profits of $8.7 billion (2013-14); $7.8 billion (2012-13); $7.1 billion (2011-12); $6.8 billion (2010-11) and $6.1 billion (2009-10).
The cash profit is the industryâs preferred measure.
Along with the record profit, the bank announced a $5 billion capital raising from its shareholders â a move its competitors NAB and ANZ took a week ago.
The Commonwealth Bank needs an injection of cash to plug an estimated $10 billion hole in its capital reserves caused by new reserve requirements imposed by the Australian Prudential Regulatory Authority.
-with AAP and ABC.
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