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Financials

Australia's Commonwealth Bank profit drops 23.5%, keeps $971 mln for loan losses

May 13 (Reuters) - Commonwealth Bank of Australia said on Wednesday that it set aside A$1.5 billion ($971.25 million) to cover expected loan losses caused by the COVID-19 pandemic, while third-quarter cash profit fell 23.5%.

Cash profit from continuing operations at Australia’s biggest bank slipped to A$1.3 billion for the three months ended March from A$1.70 billion a year earlier. ($1 = 1.5444 Australian dollars) (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Arun Koyyur)

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