CBA restrained on China

The Australian bank announces record interim results, but is cagey about its investment in Jinan City Commercial Bank.

Commonwealth Bank announced a 50% increase in net profit for the six months to 31 December, setting a high hurdle for other major Australian banks to clear this reporting season. But the bank was guarded when questioned about its 11% shareholding in Jinan City Commercial Bank.

We want growth in China and Jinan wants development of people and systems, including risk management systems we have found with Jinan a mutual recognition of need, said CBA's chief executive David Murray, during a press conference in Sydney on Thursday last week.

The press conference was held to announce the bank's interim results. CBA reported profit after tax of...

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