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Company News Summary

Commonwealth Bank of Australia Provides September Quarter 2016 Trading Update

08 Nov 2016  |  08:36:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: September Quarter 2016 Trading Update

Commonwealth Bank of Australia noted that The Commonwealth Bank (the Group) advised that its unaudited cash earnings for the three months ended 30 September 2016 were $2.4bn. Statutory net profit on an unaudited basis for the same period was also $2.4bn, with non-cash items treated on a consistent basis to prior periods. Operating income growth was slightly below that of FY16, impacted by the low interest rate environment, a strengthening Australian Dollar and higher insurance claims. The credit quality of the Group's lending portfolios remained sound, with consumer arrears decreasing in line with seasonal expectations. Prudent levels of provisioning were maintained, with Total Provisions at $3.8bn. The Group's Basel III Common Equity Tier 1 APRA ratio was 9.4% as at 30 September 2016.

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