November 6, 2012 / 9:46 PM / in 5 years

Australia's CBA Q1 cash profit rises

SYDNEY, Nov 7 (Reuters) - Commonwealth Bank of Australia (CBA), the nation’s biggest mortgage lender, reported a 6 percent rise in first-quarter profit on Wednesday, boosted by an improvement in trading income and cost controls.

Australia’s second-largest lender said its unaudited cash profit for the three months to end-September was A$1.85 billion ($1.93 billion), up from A$1.75 billion a year ago. Because the of the limited nature of the trading update, few analysts forecast quarterly earnings.

The bank said impairment expenses were broadly stable at 21 basis points of total average loans, or A$291 million in the quarter.

ANZ, NAB and Westpac all reported full-year earnings in recent weeks showing rising bad debt charges, underlining the challenge facing the country’s banks from slowing growth in China.

$1 = 0.9593 Australian dollars Reporting By Jane Wardell; Editing by Richard Pullin and John Mair

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