Big bank’s profit surge

Commonwealth Bank says it made a $2.5 billion profit in the September quarter, up 13 per cent from the same time a year ago.

Nov 15, 2022, updated Nov 15, 2022
Photo: AAP/Sergio Dionisio

Photo: AAP/Sergio Dionisio

The unaudited figures were also up two per cent from CBA’s average cash net profit after tax (NPAT) from the March and June quarters, the country’s biggest bank said on Tuesday.

Operating performance was up 12 per cent compared to the last two quarters, as CBA earned more from deposits and volume grew.

“In a competitive environment we remained disciplined and achieved good volume growth in our core markets,” said Commonwealth Bank chief executive Matt Comyn.

“The economy has shown resilience in the face of growing cost of living and interest rate pressures and despite these near-term challenges we remain optimistic on the medium to long term outlook.”

The bank also supported customers and communities impacted by natural disasters, such as recent flooding, Comyn said.

Household deposits were up 8.6 per cent year-on-year, while home lending rose 6.3 per cent and business lending grew by 12.6 per cent.

The bank’s operating expenses were up 4.5 per cent, as CBA spent more on staff, partly offeset by lower software amortisation and occupancy costs.

Home arrears remained low and the amount of CBA’s assets considered “troublesome and impaired” dropped from 0.48 per cent to 0.45 per cent in the quarter.

At 11.39am AEDT, CBA shares were up 1.4 per cent to $106.535.


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