Low Bad Loans Help Commonwealth Bank To $2.1 Billion Profit in September Quarter

The Commonwealth Bank’s cash earnings for the September quarter were $2.1 billion, reflecting revenue growth and tight cost control.

The mortgage business growth was modest and net margins lower due to the low interest rate environment.

Australia’s biggest lender told the ASX: “Whilst lower interest rates have supported strong growth in new business activity compared to the prior year, this has been balanced by higher levels of loan repayments.”

Credit quality remained sound, with arrears rates lower in home lending and stable in unsecured consumer lending.

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