World Economy

Australia Bank Profits Rise

Australia Bank Profits RiseAustralia Bank Profits Rise

Commonwealth Bank of Australia, the country’s biggest lender, has posted a 2% rise in annual profit to a record A$9.2 billion ($7.1 billion), BBC reported. The results of the biggest bank by market value are closely watched as an indicator of the Australian economy. Last week the central bank cut interest rates to a record low to tackle weak inflation and spur growth. Australia has been struggling with slowing growth amid a global slump in commodity prices. Commonwealth Bank’s cash profit rose 3% to A$9.45 billion, largely in line with analysts’ expectations. The results mark the seventh consecutive annual record.