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CBA profit up 16 per cent

THE Commonwealth Bank has announced a $3.93 billion annual profit, an increase of 16 per cent. The bank cited strong growth in banking income, underpinned by profitable growth across all major product lines, as the driving force behind the increase. Continued volume growth in home loans and increased business lending also contributed the bottom line. CBA chief executive Ralph Norris is confident the bank will continue to perform well in the face of higher oil prices and rising interest rates.

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