The Commonwealth Bank announces a 9 per cent increase in profits, despite a fall in its home loan interest margins.
The Commonwealth Bank has announced a 9 per cent increase in profits, despite a fall in its margins.
The bank made a net profit of $9.7 billion over the 2021-22 financial year and its preferred measure of cash profit, which excludes a range of one-offs, rose 11 per cent to $9.6 billion. The increase in profits came despite a steep fall in net interest margin — the gap between the rate the bank pays to borrow money and the rate it lends it out at and its main source of profits.
NIM fell 0.18 percentage points to 1.9 per cent, driven by lower home loan margins in an ultra-low interest rate environment.
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