CBA Reports Lower 3Q Profit as Margins Weaken
By Alice Uribe
SYDNEY--Commonwealth Bank of Australia posted a fall in third-quarter profit, reporting slightly lower margins as competition remains in the country's retail banking sector.
The bank, Australia's biggest by market value and the country's largest mortgage lender, reported an unaudited statutory net profit of 2.4 billion Australian dollars (US$1.58 billion) for the three months through March.
Cash earnings--the measure followed by analysts that strips out items including hedging volatility and losses or gains on acquisitions and asset sales--totaled A$2.4 billion. This was down 3% on the quarterly average of the first half of the 2024 fiscal year, and down 5% on the same quarter a year ago.
CBA reported a common equity tier 1 (level 2) ratio of 11.9%, citing a A$7.7 billion surplus to the regulator's minimum requirement.
Write to Alice Uribe at alice.uribe@wsj.com
(END) Dow Jones Newswires
May 08, 2024 18:27 ET (22:27 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
What’s Happening in the Markets This Week
-
Where Top Stock Fund Managers Are Looking Next After the Fed Rate Cut
-
Our Top Pick for Investing in US Renewable Energy
-
How to Measure a Stock’s Uncertainty
-
How to Determine Whether a Stock Is Cheap, Expensive, or Fairly Valued
-
Why a Company’s Management and Capital Allocation Matter
-
How to Determine What a Stock Is Worth
-
How to Measure a Company’s Competitive Advantage
-
How to Think Like a Stock Analyst
-
How GLP-1 Drugs Like Ozempic Are Boosting Biopharma Stocks