Sydney:Australia’s biggest bank, the Commonwealth, posted a four percent slide in annual net profit Wednesday, capping a tumultuous year for the troubled lender which has been rocked by scandals and board upheaval.
The country’s largest firm by market capitalisation reported Aus$9.37 billion (US$6.95 billion) in profit for the year to June 30.
Cash profits, which are its preferred earnings measure, also fell, dropping 4.8 percent to Aus$9.23 billion from the previous year, below market expectations.
