Blue Chip Stocks – Commonwealth Bank (CBA)
Commonwealth Bank (CBA) provides a whole range of financial products including retail, premium, business and institutional banking. They also provide funds management, superannuation, investment and share broking products and services.
CBA has reported a 1.3% decline in funds under administration for the June quarter, to $187 billion.
CBA attributed the drop in funds under administration to a fall in equity markets, while quarterly net outflows of $50 million were impacted from wholesale short term cash mandates.
Funds under management were down 0.6% to $144 billion, whilst inforce insurance premiums rose 2.5% to $1.58 billion.
CBA stocks closed up over 2.5% on Friday.