© Reuters. FILE PHOTO: The Commonwealth Bank of Australia logo adorns the wall of a branch in Sydney, Australia, May 8, 2017. REUTERS/David Gray
(Reuters) – Commonwealth Bank of Australia (OTC:) said on Monday it will simplify its financial reporting in the next fiscal half-year results to reflect the sale of its wealth management business last year.
The country’s top lender will now consolidate its other banking income, fund management income and insurance income into other operating income within its financial statements to reflect the divestment.
The change was applied retrospectively, resulting in an A$109 million ($75.12 million) reduction in operating expenses for the six months ending June 2022 and an A$98 million reduction in other income. operating for the semester ending in December 2021.
CBA will announce its results for the first half of fiscal year 2023 on February 15, 2023.
($1 = 1.4510 Australian dollars)