CBA Reports Strong Cash Earnings in First Half
Commonwealth Bank of Australia (CBA), the country's largest lender, reported better-than-expected first-half cash earnings on Wednesday.
Key Highlights:
* Cash net profit after tax: A$5.13 billion ($3.23 billion)
* Beat Visible Alpha consensus estimate of A$5.06 billion
* Robust volume growth in home lending and deposits
* Lower loan impairment expense
* Net interest margin rose 2 basis points to 2.08%
* Competitive pressure on deposits and lending pricing offset by higher earnings on capital hedges and replicating portfolio
* Interim dividend of A$2.25 per share, up from A$2.15 last year