Commonwealth Bank of Australia | AustCham Beijing Commonwealth Bank of Australia ("CBA") is the largest bank in Australia and one of the world's twenty largest banks in terms of market capitalization. The Bank's total asset was AUD 780 billion (about RMB 4,682 billion) on June 30, 2009. Net profit-after-tax (statutory basis) in the fiscal year from July 1, 2008 to June 30, 2009 was AUD 4,723 million (about RMB 28,338 million), a decrease of 1 percent from the prior year. Net profit-after-tax (cash basis) was AUD 4,415 million (about RMB 26,490 million), a decrease of 7 percent from the prior year. As the Bank did not have sub-prime mortgage problems and very limited exposure to credit default swaps, the financial turmoil has limited impact on CBA compared to U.S. and European banks. Because of the financial turmoil's strong impact on European banks, CBA had the opportunity to acquire BankWest in Western Australia from the European bank HBOS This acquisition further consolidated the Bank's leading position in Australia.
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