CBA profit rises 8% even as home loan applications fall 16%
Commonwealth Bank reported a $2.8 billion first-quarter profit, up 8% year-on-year. But home loan applications fell 16% as customers face cost-of-living pressures.
Commonwealth Bank of Australia posted a $2.8 billion first-quarter net profit, up 8% on the same quarter last year. Home loan applications fell 16% in the three months to September 30, reflecting cost-of-living pressures and federal government changes to housing tax settings.
Home loan arrears of 90 days or more rose to 0.8 per cent, up 7 basis points. CBA is Australia's largest home loan lender, holding around 1.9 million accounts.
The bank set aside $300 million for loan impairment. It also increased collective provisions by $105 million to protect against future losses.
Chief executive Matt Comyn said the bank remained committed to supporting customers through ongoing cost-of-living pressures. The data suggests strong profits for the bank.
But households and businesses struggle with inflation and higher interest rates.
- $2.8 billion, up 8%
- First-quarter profit
- Down 16%
- Home loan applications
- About 25 per cent
- Market share
- $300 million
- Loan impairment booked
Why it mattersThe figures reveal a gap between bank prosperity and customer wellbeing. Strong profits for CBA, but rising arrears and fewer new loans for households.
AustraliaFor Australian homeowners, CBA's figures confirm household budget strain, with fewer people taking on new loans and mortgage arrears rising.
Corroborated byPerthNow·The Nightly
✓ Claims checked against the source. checked 6 h ago
