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Commonwealth Bank Australia (CBA)

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Our commentary:

13 Aug: Commonwealth Bank of Australia today reported its FY09 results, slightly impressing the market. Net profit of $4.72 billion was down on last year’s result of $4.79 billion, hurt by writedowns of $3.05 billion against problem loans, including ones acquired through Bankwest. Cash profit fell 7% to $4.415 billion, but this beat analysts’ expectations of cash earnings of $4.26 billion for the year.

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