DHAKA: Commonwealth Bank of Australia, the country’s biggest lender, has posted a 2% rise in annual profit to a record A$9.2bn ($7.1bn).

The results of the biggest bank by market value are closely watched as an indicator of the Australian economy, reports the BBC.

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$9.45bn, largely in line with analysts’ expectations. The results mark the seventh consecutive annual record.

Many Australian banks use the cash profit measure rather than net profit as their preferred performance measure.

The cash profit numbers strip out one-off items, including those that may distort a bank’s performance in a given period.

BDST: 1244 HRS, AUG 10, 2016
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