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The Commonwealth Bank has announced a profit upgrade for its first half results – a surprise for the market amidst all the doom and gloom.
In a statement released to the ASX last night CBA said it expected its cash net profit after tax to be around $2 billion, 16 per cent lower than the prior comparative period but more than 20 per cent ahead of market expectations.
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Commenting on the preliminary results, CBA chief executive Ralph Norris said; “As customers look for stable financial institutions in these uncertain times, growth in deposit and credit demand has been strong.”
Despite the strong result Mr Norris said the outlook for the bank would be difficult and uncertain.
“I expect economic and operating expectations to become increasingly challenging which makes the outlook extremely difficult to predict,” he said.
The bank will announce its official results next Wednesday 11 February.
