Feb
10
Commonwealth Bank Warns of Turbulence as Profit Growth Slows
By-
CBA first of biggest Aussie lenders to report recent earnings
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CEO Narev says investors have overreacted to market risks
Commonwealth Bank of Australia warned of the risks posed by global economic turbulence as the lender posted its slowest first-half profit growth since the financial crisis.
The more prolonged the market volatility, the greater the potential threat to confidence and Australia’s economy, Chief Executive Officer Ian Narev said on a webcast Wednesday. The bank, Australia’s biggest mortgage lender, earlier reported a 3.9 percent increase in cash profit in the six months ended Dec. 31. That’s the smallest gain for the same period since 2008…
Commonwealth Bank Warns of Turbulence as Profit Growth Slows
