Commonwealth Bank warns of turbulence as profit growth slows
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COMMONWEALTH Bank of Australia has warned of the risks posed by global economic turbulence as the lender posted its slowest first-half profit growth since the financial crisis.
The more prolonged the market volatility, the greater the potential threat to confidence and Australia's economy, bank CEO Ian Narev said on a webcast on Wednesday. The bank, Australia's biggest mortgage lender, earlier reported a 3.9 per cent increase in cash profit in the six months ended Dec 31, 2015 - the smallest gain for the same period since 2008.
