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CBA lifts quarterly profit to $1.8b

Commonwealth Bank of Australia (CBA) has lifted its first quarter cash profit to about $1.85 billion despite low demand for loans and higher funding costs.

CBA on Wednesday said its unaudited cash earnings for the three months to September 30 were up from approximately $1.75 billion in the same period the previous year.

The bank said its unaudited net profit in the three months to September 30 was approximately $1.8 billion.

That puts CBA on track for a full-year net profit of about $7.2 billion, which would be up from a record net profit of $7.1 billion in the 2011/12 financial year.