The Commonwealth Bank (CWB) has recorded $1.7 billion revenue for the 3 months to March, though warns the view for the global financial system still remains uncertain. The cash earnings of the company in the quarter were $1.75 billion.
Ian Narev, Chief executive said that funding costs were higher in third quarter, moreover had a negative effect on the net interest margin. The bank said in a statement that, circumstances in the retail banking remained challenging, which is highlighted by high wholesale funding costs, subdued credit demand and competitive deposit pricing.
The company said that, business lending was also weak, though business in wealth management sector keeps on increase. The Insurance Australia Group will assess its business in UK, the company announced recently. The business possesses Equity Red Star insurance in UK, the fifth major motor insurer in the nation, along with business insurance group Barnett and Barnett.
Mike Wilkins, Chief executive said that, it was a right time to review the business of the company in the region. He said, as per the AAP that, given the development towards that aim in the opening half of the existing fiscal year, they consider the time is right to believe their longer term strategy for the business, as well as the finest way to maximize shareholder value.
The consequence of such a review could include a retooling or sale of the business policy. The share market of Australia has opened flat this morning in spite of a shocking night on global markets as fears over new elections in Greece permeate the fiscal industry. The index of benchmark S&P/ASX200 was down by 0.3 percent or 11.8 points to 4153.7, whereas the Australian dollar has also in fact kept some momentum, which is hovering at $US0.99c. In the US, the Dow Jones Industrial Average dropped by 0.3 percent or 33 points to 12,598.6.
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