Sale of equity holding in Visa Inc. and software review
Monday, 19 December 2016: The Commonwealth Bank of Australia (CBA Group) has disposed of its remaining shareholding in Visa Inc. for $439 million, realising an after tax profit on sale of $278 million.
Given the rapidly changing technology environment, the CBA Group has undertaken a review of its capitalised software assets as at December 2016. This review has resulted in a one off acceleration of amortisation on certain capitalised software assets, principally relating to digital and direct banking channels, totalling $275 million after tax.
Both of these items will be reported above the line in Cash Net Profit after Tax, and will be clearly disclosed as one off items for the half year ending 31 December 2016.
ENDS
Media contact: Kate Abrahams 02 9118 6919
[email protected]
Investor Relations:
Melanie Kirk 02 9118 7166
Commonwealth Bank of Australia | ACN 123 123 124 | 166/2016