Commonwealth Bank Quarterly Profit Rises

Judith Bessette
Mai 9, 2017

Commonwealth Bank shares have fallen almost three per cent despite Australia's largest bank lifting third-quarter cash earnings to about $2.4 billion.

The $2.4 billion cash profit was up 4 per cent on the previous corresponding period. Net profit hit $2.6 billion. The bank grew its home lending book over the period by 7 per cent compared with system growth of 7.8 per cent.

Australia's largest bank, Commonwealth Bank (ASX:CBA) has released its third-quarter trading update, which was in line with expectations.

In wealth management assets under administration and funds under administration rose by 7 per cent and 6 per cent respectively on the back of stronger performance from financial markets and investor confidence.

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The bank's loan impairment expense dropped to 0.11 per cent of lending, from 0.17 in the first half.

The Sydney-based bank, which notched a modest rise in its half-year profit to a fresh record, said the quarterly result was supported by income growth, cost discipline and sound credit quality.

However, banking regulator APRA subsequently forced banks to tighten lending standards -particularly on interest-only investor loans - towards the end of March as concern mounted about rising risk across mortgage portfolios.

Investors were more anxious about a narrowing of margins in the quarter as competition in the sector stepped up another notch.

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