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Australia's CBA shares slide on margin pain despite profit jump

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Australia's Commonwealth Bank warned fierce competition in its key home loan market was hurting its margins 'considerably', triggering a big sell-off in one of the world's most expensive banking stocks on Wednesday.

People use Commonwealth Bank of Australia bank ATMs in Sydney, Australia May 3, 2018. REUTERS/Edgar SuNet interest margin "considerably lower", shares slide 8%SYDNEY, Nov 17 - Australia's Commonwealth Bank

The country's No. 1 lender issued the caution as it reported first quarter cash profit was up by a fifth on the back of above-peer growth in home and business loans.

 

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