CBA posts $2.6b third quarter profit

Commonwealth Bank of Australia said its third-quarter profit was flat compared with the first half but was up 10 per cent on a year earlier, bolstering hopes that bank margins are stabilising., CBA’s unaudited third-quarter net profit after tax hit $2.6 billion.

CBA continued to take share in the ultra-competitive business lending arena, growing at 1.3 times system registering 12 per cent or $2.6 billion in growth. Business deposits grew $3.7 billion or at system. But CBA said short-term wholesale funding represents just 7 per cent of its total wholesale funding and it kept growing deposits, which were up 6 per cent in the period.

“As higher interest rates impact the Australian economy in the period ahead, we expect economic growth to continue to moderate,” Mr Comyn said.

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