CBA Posts Profit Rise Despite Slumping Mortgages
Commonwealth Bank of Australia posted an 8 percent rise in first-quarter cash profit. Higher lending and deposit volumes drove the gains, but high interest rates caused home loan applications to slide 16 percent.
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COMMONWEALTH BANK OF AUSTRAL posted an 8% rise in first-quarter cash profit to A$2.8 billion ($1.92 billion), driven by higher lending volumes. That result topped the previous year's A$2.6 billion for the three months ended September 30, closing out the country's bank earnings season. For investors, the profit growth highlights resilient business lending even as high borrowing costs squeeze retail mortgage demand.
