Commonwealth Bank recently reported profits of $47.3 million for the nine-month period ending September 30. The profits report reflected a 7.6% increase over the same period one year ago when profits stood at $43.9 million.
Announcement of third quarter results was made by Chairman William B. Sands, Jr. “The improvement in net interest margin continues to be a key contributing factor along with the effective management of our credit portfolio and our focused attention on expense mitigation practices.” said Mr. Sands. “The Bank continued to focus on high quality credit opportunities which resulted in a non-performing loan ratio of 4.58% while the industry average as of September 30 was 14.3%.”