CommBank first quarterly profit up 4% to $2.4 billion

By Kirsty Timsans ·

The Commonwealth Bank today announced that its first quarter cash profit for the three months ending 30 September 2015 has increased by 4% to $2.4 billion.

Business Insider reported that the result was within analyst expectations and puts the bank on track to exceed its $9.137 billion 2015 cash result.

The news comes after the major bank, along with its rivals Westpac, NAB and ANZ announced variable interest rates will be lifted for both owner occupier and investor home loans.

RELATED: Which home loan lenders have raised interest rates?

CommBank’s statutory net profit for the September quarter was $2.3 billion, down from $2.4 billion from the corresponding period a year ago. The bank's quarterly results come as record full year cash results were reported by Westpac, NAB and ANZ.

In a statement, CommBank said home lending has continued in line with recent growth rates, while core domestic business lending growth was in mid-single digit levels. Household deposits balance growth remained strong and above system.

The Australian reported that while the big four banks delivered combined annual cash earnings of $30 billion in 2015, slowing growth and declining returns are ahead because of rising competition, a slowing housing market and stricter regulatory capital requirements.

Have you been stung by your bank lifting its variable home loan rates? If you answered “yes” visit our refinancing hub for handy tips and tools for making the home loan switch.

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