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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| ASX:AU000000CBA7-AUD | Australian Stock Exchange | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
From Jul 2019 to Jul 2024
By Robb M. Stewart
MELBOURNE, Australia--Commonwealth Bank of Australia Ltd. (CBA.AU) has sold its remaining stake in payments company Visa Inc. (V) but also expects a rise in amortization charges following a review of its software assets.
The bank, Australia's largest lender by market value, said Monday it has sold its remaining interest in Visa for 439 million Australian dollars (US$320.6 million). It said it would realize a A$278 million after-tax profit on the exit.
CBA added a review of its capitalized software in the face of a rapidly changing technology environment will result in an acceleration of amortization totalling A$275 million. The charge relates largely to digital and direct-banking channels, it said.
Both the items will be reported as one-time items for the six months through Dec. 31.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
December 18, 2016 18:14 ET (23:14 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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