CBA has reported an expanded net interest margin but also higher loan impairments for its first half.
Commonwealth Bank has reported a record half-year profit of $5.15 billion, up 9 per cent and meeting expectations, as it grew home and business lending and hauled in more in interest payments from customers as mortgage rates rise.
“The bank remains well provisioned and capitalised to continue to support Australian households and businesses.” The official cash rate rose by 2.25 per cent over the course of its first half and further rate rises are expected. The increase in loan impairments comes after ANZ Bank last week released provisions put aside for bad debts over the first quarter of financial year 2023, surprising analysts. CBA said its “troublesome and impaired” loans fell by $500 million over the half to $6.3 billion.Mr Comyn said CBA remained “well provisioned and capitalised” to support households and businesses through the challenging period. Common equity tier 1 capital was 11.4 per cent, down 0.10 percentage points.
Its business lending book grew by 13 per cent over the calendar year to $123 billion, as it targeted new loans in the health and business services sectors. Transaction accounts held by businesses rose, with 105,000 new accounts opened in the second half.
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