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CBA posts $1.4b Q1 profit

CBA posts $1.4b Q1 profit

Commonwealth Bank of Australia (ASX:CBA) said it earned around $1.4 billion during Q1 – nearly a third of the company’s annual revenue for the whole of FY09.

The company, which recorded a net profit of 4.41 billion in August, improved its Tier 1 capital ratio to 8.7%.

Impaired assets increased slightly to 88 basis points of gross loans, contributing to total impairment charges of $700 million.

But company CEO Ralph Norris warned that the operating environment remains “challenging,” adding that “The pace and extent of [global] economic recovery remains unclear.”

CBA stock had grown 3.9% at time of writing, and was trading at $54.77.

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