Commonwealth Bank see a dip in Q1

Company News

by Rachael Jones

The Commonwealth Bank (ASX:CBA) reported unaudited statutory net profit was about $2.5 billion in the September quarter, less than the $2.65 billion made in the same quarter last year.

Operating Income up 1 per cent, with higher other banking income offsetting flat net interest income.

Home lending grew 3.1 per cent was below system growth of 3.6 per cent (both quarter annualised). Business lending reflected continued portfolio optimisation in the institutional book.

The trading update comes ahead of their annual general meeting in Brisbane today.

Shares in The Commonwealth Bank (ASX:CBA) is trading 0.58 per cent higher to $69.35.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.