Australia’s Commonwealth Bank’s 2H profit falls to $3.3B

CANBERRA, Australia (AP) — The Commonwealth Bank of Australia has recorded a drop in statutory net profit in its latest half-year to 4.6 billion Australian dollars ($3.3 billion) as the nation’s biggest lender was hit by costs for misconduct, lower profit margins and a downturn in the housing market.

The profit for the six months ending Dec. 31 reported Wednesday was 6 percent below the AU$4.9 billion earned in the same period a year earlier. But cash profit rose 1.7 percent to AU$4.68 billion. Cash profit, which excludes one-off gains and losses, are the banks’ preferred measure.

Broker Chris Weston says the result was lower than the market had expected.

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