The Commonwealth Bank has notched up a $9.6 billion profit and will lift its dividend, after the banking giant’s bottom line benefited from solid loan growth and cuts to its bad debt charges. | clancyyeates
The Commonwealth Bank has notched up a $9.6 billion profit and will lift its dividend, after the banking giant’s bottom line benefited from solid loan growth and cuts to its bad debt charges.
“We expect consumer demand to moderate as cost of living pressures increase. It is a challenging time, but we remain optimistic that a path can be found to navigate through these economic conditions.” The consensus forecast among analysts had been for cash earnings of $9.24 billion, according to Citi, and a final dividend of $2.09.
CBA’s net interest margin, which compares funding costs with what it charges for loans, contracted by 18 basis points to 1.90 per cent. It said this was because of customers switching to less profitable fixed-rate loans, competition in mortgage lending, an increase in CBA’s low-yielding liquid assets.chief executive Matt Comyn said households were in a strong position, but the bank expected a softening in consumer spending amid rising costs of living.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
CBA increases profit to $9.7 billionThe Commonwealth Bank announces a 9 per cent increase in profits, despite a fall in its home loan interest margins.
Read more »
CBA’s speedy $1.8b sale shows China thaw is realOPINION: After a more than two-year wait for approval to sell a stake in a small Chinese life insurance business, it took just four months for China to OK CommBank’s latest sale.
Read more »
Australia news live updates: retiring Serena Williams says she envies Ash Barty; CBA profit jumps to nearly $10bnAustralia news live updates: China’s ambassador to defend Beijing amid heightened tensions; ACTU argues for windfall tax
Read more »
CBA increases profit to $9.7 billionThe Commonwealth Bank announces a 9 per cent increase in profits, despite a fall in its home loan interest margins.
Read more »
New profit levy to weigh on US share buybacksNew bill to impose 1 per cent tax on share buybacks and 15 per cent minimum corporate profit tax.
Read more »