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BULLETIN: Commonwealth Bank of Australia's Earnings Supported by Core Banking Operations Aug 03
Standard & Poors, Aug 2003
Abstract
MELBOURNE (Standard & Poor's) Aug. 21, 2003--Standard & Poor's Ratings Services said today that Commonwealth Bank of Australia's (CBA; AA-/Stable/A-1+) full-year cash earnings, at A$2.5 billion, was broadly in-line with the prior year and consistent with its 'AA-' long-term counterparty credit rating. Full-year earnings benefited from sound core banking operations assisted by solid growth in home loans, sound fee growth, lower bad debt charges, and good growth in low-cost retail funding. Lower cash earnings in CBA's funds management and a reduced carrying value of some assets, collectively, more than offset the low level of life insurance earnings. 'The ability of CBA to both leverage its distribution capabilities and supplement core earnings from its funds management activities has been restrained by...
Companies mentioned in this report are: Commonwealth Bank of Australia
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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