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Commonwealth Bank posts $8 billion annual profit

August 13, 2014

SYDNEY (AP) — Commonwealth Bank of Australia, one of the nation’s largest lenders, has posted a 13 percent increase in annual profit to 8.6 billion Australian dollars ($ 8 billion) on Wednesday and expressed cautious optimism for the current fiscal year.

The 102-year-old bank reported gains in all its core divisions through the year ending June 30, 2014, with customer deposits up AU$34 billion to AU$439 billion and accounting for 64 percent of the bank’s total funding.

The bank’s chief executive officer Ian Narev described the 2014 fiscal year as “a period of relative stability in the global economy, although downside risks remain.”

“We are cautiously positive about the outlook for the 2015 financial year,” Narev said in a statement.

“If the stability in global markets continues, gradual increases in consumer spending and demand for credit from businesses over the next year are likely,” he added.

He said the government would need to progress its deficit-cutting budget negotiations with key senators and create “a clear understanding of Australia’s medium to long term economic direction.”

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