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CBA posts record profit

CBA boosted the man's credit limit from $27,100 to $35,100.

CBA boosted the man's credit limit from $27,100 to $35,100. Photo: AAP

The Commonwealth Bank has posted another record cash profit of $9.14 billion, but will ask investors for another $5 billion.

The bank made the announcement on Wednesday morning as part of its full year results for 2014/15.

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CBA shares were placed in a trading halt ahead of the announcement. The bank’s profit was close to analysts’ expectations.

In the last five years, the bank has posted increasing cash profits of $8.7 billion (2013-14); $7.8 billion (2012-13); $7.1 billion (2011-12); $6.8 billion (2010-11) and $6.1 billion (2009-10).

The cash profit is the industry’s preferred measure.

Along with the record profit, the bank announced a $5 billion capital raising from its shareholders — a move its competitors NAB and ANZ took a week ago.

The Commonwealth Bank needs an injection of cash to plug an estimated $10 billion hole in its capital reserves caused by new reserve requirements imposed by the Australian Prudential Regulatory Authority.

-with AAP and ABC.

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