Australia’s CBA simplifies financial reporting after sale of wealth management unit

(Reuters) – Commonwealth Bank of Australia said on Monday it will simplify its financial reporting in upcoming half-year fiscal results to reflect the sale of its wealth management business last year.

The country’s top lender will now consolidate its other banking income, funds management income and insurance income into other operating income within its financial statements to reflect the divestment.

The change has been applied retrospectively, resulting in a reduction of A$109 million ($75.12 million) in operating expenses for half-year ended June 2022, and reduction of A$98 million in other operating income for half-year ended December 2021.

CBA will announce its first-half results for fiscal 2023 on February 15, 2023.

($1 = 1.4510 Australian dollars)

(Reporting by Sameer Manekar in Bengaluru; editing by Diane Craft)