Business

'Strong result' for Commonwealth Bank record profits

THE Commonwealth Bank has announced a record $3.661 billion in half-year profits.

Chief executive Ian Narev said the "strong result" was down to the performance from its domestic and wholesale businesses.

The announcement pushed the bank's shares up by more than 2.6% on Wednesday afternoon.

Australian Greens Deputy Leader Adam Bandt said record was proof the big banks were continuing to make excessive profits at the expense of consumers and taxpayers.

He called on the Federal Government to "rein in" the four major banks which he said were "gouging customers with unjustified fees and interest rates out of sync with real funding costs".

The ANZ is expected to post quarterly results on Friday.

Topics:  adam bandt, commonwealth bank, profit


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