CBA’s cash net profit down 2% 3Q18 | Finance News Network

CBA’s cash net profit down 2% 3Q18

Company News

by Anna Napoli

The Commonwealth Bank (ASX:CBA) has announced its cash net profit fell by 2 per cent on a reported basis and dropped by 9 per cent on an underlying basis for the 3rd quarter of 2018.

Meantime its underlying operating income decreased by 4 per cent.

The fall was due to more home loan borrowers switching from interest only loans to loans paying back principal and interest.

The bank said there had been a rise in home loan arrears due to rising essential costs and limited income growth.

Shares in CBA (ASX:CBA ) down 3.05 per cent to $71.26

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.