The Commonwealth Bank ("the Group") today advised that its unaudited cash earnings1 for the three months ended 31 March 2015 ("the quarter") were approximately $2.2 billion. Statutory net profit on an unaudited basis for the same period was also approximately $2.2 billion, with non-cash items treated on a consistent basis to prior periods. Key outcomes for the quarter are summarised below:
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1 Cash earnings is used by Management to present a clear view of the Group’s underlying operating results, excluding items that introduce volatility and/or one-off distortions of the Group’s current period performance. These items, such as hedging and IFRS volatility, are calculated consistently period on period and do not discriminate between positive and negative adjustments. For a more detailed description of these items, please refer to page 15 of the Group’s 31 December 2014 profit announcement.