Commonwealth Bank posts strong customer, home loan growth, profit flat
Commonwealth Bank said its costs rose over the September quarter at the same time as it posted strong growth in new customer accounts and home loans.
For the quarter ending September 30, Australia’s largest bank posted a cash net profit of $2.6 billion, up two per cent versus the prior corresponding quarter.
“The Australian economy remains resilient,” said chief executive Matt Comyn. “Economic growth is recovering and disposable income is rising for many households.”
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By continuing you agree to our Terms and Privacy Policy.The bank added more than 175,000 new retail customers in the quarter primarily driven by new bank account openings.
Its total home loan volume grew $9.3 billion or 1.1 times the market average for the three months to September 30, with 68 per cent of new loans originated by in-house brokers.
Total household cash deposits in checking or savings accounts grew by $17.8 billion or 1.2 times the system average over the quarter.
Wage inflation and tech investments pushed the bank’s total operating expenses four per cent higher to around $3.3 billion.
“Many Austrailans have found the past four years challenging, particularly dealing with cost-of-living pressures,” said Mr Comyn.
“We remain focused on supporting our customers, disciplined execution of our strategy, investing in technology to deliver exceptional customer experiences and delivering strong financial outcomes for our shareholders.”
The bank said it paid $4.4 billion in dividends over the quarter to its 800,000 strong shareholder base. The stock has soared 139 per cent over the past five years and last closed at $174.92.
More to come...
