More CBA investment in China and Indonesia
Net profit for Commonwealth Bank's Asian operations increased 24 per cent, to A$47 million, in the December half.CBA said the rise was "driven by strong contributions from the proprietary businesses in Indonesia and from the Bank of Hangzhou in China."CBA said it had opened two more "county banks" - a form of rural development bank - in China, taking the total to five. It has approval to open a further five county banks.There was no mention of the aftermath of the fraud at its associate, Qilu Bank, in China, which dented CBA's profit six months ago.PT Bank Commonwealth, CBA's wholly owned business in Indonesia, reported growth in consumer, business and SME lending balances of 59 per cent, 42 per cent and 54 per cent, respectively. The bank said it had added six branches in Indonesia to bring the total to 91."Credit trading in Singapore" accounted for about a third of the profit increase in Asia over the period.