Profit scraps in Asia
Commonwealth Bank yesterday reported a handful of data points on the earnings of its businesses in Asia as part of the bank's full year profit.The main narrative on the business described as International Financial Services Asia said the cash net profit was $45 million, an increase of 50 per cent over the prior year. Of this, $23 million was earned in the first half and $22 million in the second.IFS Asia incorporates the Asian retail banking operations of CBA in Indonesia, Vietnam, India and Japan, the minority investments in two Chinese retail banks, and the joint venture life insurance business and life insurance operations in Indonesia. Asia, for reporting purposes by CBA, does not include business, private or institutional banking nor Colonial asset management activities Asia. These are more profitable.The separate slide pack used by management in yesterday's briefing on the profit shows that net profit from minority and wholly owned operations in China was $143 million.In Indonesia, where PT Bank Commonwealth is the main arm of CBA, the group earned only $13 million in profit.Lesser operations spanning Japan, India, Hong Kong, Vietnam and Singapore earned a combined profit of $68 million.