CBA slams calls to slash debt revenue

CBA has slammed calls for credit card industry reform that could slash its fee revenue, when a slowing economy is already curbing demand for credit card debt.

Cautious Commonwealth declares $4.7b record

THE Commonwealth Bank yesterday held back from declaring an even higher profit than its latest $4.7 billion record result, after taking an ultra-cautious approach to the danger of the faltering domestic economy throwing up more bad debts than expected.

Aussie stocks down two per cent at noon

The Australian stock market was two per cent lower at noon after falls from the resource and financial sectors following a drop on Wall Street overnight.

ASX closes sharply lower

The Australian share market closed sharply lower, losing two per cent as weaker financial and resource stocks added to the negative direction from Wall Street.

CBA year net profit up 7 per cent

The Commonwealth Bank has lifted its reported profit by seven per cent and says volatility in financial markets is putting pressure on its funding costs.

Dragon on track for record

A LATE surge in profitable income over the final weeks of the financial year is set to lift St George Bank to record earnings of $1.3 billion, although the result is likely to be at the lower end of its reduced forecasts.