CBA releases quarterly results
The Commonwealth Bank declared its unaudited March quarter results, announcing cash earnings of about A$2.2 billion. The results were mostly unchanged compared to the same period in 2014.
- ANZ declares half year cash profit of $3.7 billion. See detailed report here.
- Westpac profit unchanged in first half. Read more here.
The statutory net profit on an unaudited basis for the same period was also reported to be approximately $2.2 billion.
The CBA statement also mentions that the expense growth was higher in the quarter, impacted by growing regulatory, compliance and remediation costs, including those associated with a number of legislative reforms.
It was further noted that credit quality remained sound. In the retail portfolios, home loan and credit card arrears were broadly flat, whilst seasonal factors contributed to higher personal loan arrears. Troublesome and impaired assets were lower at $6.4 billion. Total loan impairment expense was $256 million in the quarter, with strong provisioning levels maintained and the economic overlay unchanged.