Commonwealth bank profit edges up amid business loan growth

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Commonwealth bank profit edges up amid business loan growth

Commonwealth Bank of Australia’s profit edged higher in the third quarter amid growth in the firm’s business lending.

Unaudited statutory cash profit came in at about A$2.6 billion in the three months ended March 31, according to a statement on Wednesday. That’s 6 per cent higher than the third quarter of the prior year.

The firm’s business bank continued to grow, with business transaction accounts up 7 per cent and business lending expanding at a faster rate than the broader market.

Australia’s largest bank concludes the results season for the nation’s lenders as margin pressure eats into business and home lending across the sector.

Chief executive Matt Comyn’s strategy to acquire market share in loans to companies at the same time as remaining the biggest in mortgages helped push the stock price to an all-time high earlier this month.

“There is heightened risk to the global economy from geopolitical and macroeconomic uncertainty, which could slow the domestic economy,” Comyn said in the statement. “Australia is in a relatively strong position to navigate the challenges.”

Consumer arrears and corporate troublesome and non-performing exposure increased in the quarter. Home loan arrears were up five basis points to 0.71 per cent.

“We know it has been another challenging ******* for many *********** households and businesses dealing with cost of living pressures,” Mr Comyn said. “We have remained focused on proactively engaging with our customers on a range of support options to help those who need it most.”

*********** consumer confidence is improving as households increasingly expect the nation’s central bank to lower interest rates next week, a report showed Tuesday.

Bloomberg.

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