Commonwealth Bank of Australia posts flat Q1 cash profit as margins tighten
Sydney
COMMONWEALTH Bank of Australia (CBA), the country's biggest bank by market value, on Tuesday reported flat first-quarter unaudited cash earnings of A$2.4 billion (S$2.6 billion) as margins tightened because of higher funding costs.
Australian bank returns have been under pressure from higher wholesale funding and deposit costs, as well as regulatory changes requiring them to hold more capital against their mortgage books to provide a more level playing field for smaller banks.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
BNP Paribas beats estimates as lower costs offset trading slump
Japan brokerage Daiwa’s Q4 profit more than doubles as markets recover
Barclays Q1 profit falls 12% as mortgage competition, deals drought hit
Deutsche Bank Q1 profit jumps 10% as investment bank outperforms
Latest Singapore 6-month T-bill offering cut-off yield of 3.74% as applications dip
Morgan Stanley Asia private equity unit to reorganise as CEO retires