Explore the latest developments concerning Live: Commonwealth Bank.
Live: Commonwealth Bank reports $10.9b annual profit, ASX to slip as US-Iran optimism fades
The nation's second-largest company Commonwealth Bank has reported its annual net profit rose to $10.9 billion.
The Australian share market is expected to start its day lower on fading optimism about a US-Iran peace deal happening any time soon.
Private health insurers are potentially seeking too much access to patients' confidential medical information, through what has been described by the Australian Private Hospitals Association as "aggressive" audit practices.
Under agreements with patients and hospitals, insurers are entitled to ask a medical practitioner for a patient's notes relating to an episode of treatment, to ensure the correct procedure item numbers were billed.
CBA profits hit $11 billion, dividend raised
Commonwealth Bank has notched up $11 billion in cash profit fuelled by growth across its vast loan and deposit portfolios, but it also warned economic growth was slowing amid higher interest rates and inflation.
CBA on Wednesday said cash net profit after tax rose 7 per cent in the year to June, as its operating income grew by 6 per cent, helped by growth in CBA’s key markets of home loans, business loans, consumer lending and household and business deposits.
Despite strong growth in the year to June, however, CBA also said new applications for mortgages had fallen 15 per cent since the May budget, as the housing market slows due to higher interest rates and a tightening in tax concessions for property investors. The bank also said costs from soured loans had increased due to cost of living pressures and increased economic uncertainty.
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CBA reports $10.9b profit but warns economic growth is slowing
Commonwealth Bank has reported a 7 per cent increase in profit to $10.98 billion driven by loan and deposit growth, but says mortgage applications are down 15 per cent since the federal budget while growth is slowing as higher interest rates and costs put pressure on family budgets.
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