Commonwealth Bank yesterday provided an alternative view of the profits the group earns in Asia.According to the bank's full-year financial statements, CBA made a cash net profit from its direct investments in banks and fund managers in Asia of A$53 million.The bank's actual earnings from the region are more than four times greater than this.Ralph Norris, the outgoing chief executive of CBA, told the annual general meeting in Sydney yesterday that "once we include our other Asian businesses, cash net profit from Asia is $231 million."These "other businesses" must include the institutional and trade finance activities of CBA.According to this view, CBA can tie around four per cent of its profits to Asia, a percentage that will rise.Norris told the meeting that "in the fullness of time" the contribution of Asian-linked businesses to the bank "will grow to be much more meaningful". Norris noted that CBA was reinvesting profits from Asia to support "organic growth".However, the bank may be strengthening its credentials to buy established financial services' businesses. Commonwealth Bank's new head of strategy, Robert Jesudason, who starts work next month, has an extensive background in mergers and acquisitions in Asia.CBA's AGM otherwise received a downbeat update on the outlook for the year ahead.David Turner, chair of the board, told the meeting that "ongoing offshore instability continues to impact the domestic economy, and this has the potential to place further upward pressure on wholesale funding costs for domestic banks."While the 2011 financial year has been characterised by subdued system credit growth and intense competition, there is nothing to suggest that the 2012 financial year will be much different."A minority of shareholders expressed mild dissent with the board, as 14 per cent voted against the remuneration report required by the Corporations Law, up five per cent at last year's AGM.This year, CBA's board opted to allow long-term share options to vest for senior executives, even though the bank failed to meet a key target linked to customer satisfaction.