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Analysis: CBA reveals $2.5 billion first quarter profit
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Sky News Business Reporter Edward Boyd broke down the Commonwealth Banks’ performance for their first quarter.
The Commonwealth Bank posted a flat profit of $2.5 billion in the first quarter thanks to a greater result from its home lending book.
CBA reported its home loan customers saved their tax cuts during the three months.
“This is something we expected to hear from all the major banks,” Mr Boyd said.
Analysing the results from CBA’s first quarter, Mr Boyd said the “key” was the home loan arrears at a flat 0.65 per cent – generating a tax cut for customers.
“A lot of people actually put that money into their home loan offset account,” he said.
The Commonwealth Bank posted a flat profit of $2.5 billion in the first quarter thanks to a greater result from its home lending book.
CBA reported its home loan customers saved their tax cuts during the three months.
“This is something we expected to hear from all the major banks,” Mr Boyd said.
Analysing the results from CBA’s first quarter, Mr Boyd said the “key” was the home loan arrears at a flat 0.65 per cent – generating a tax cut for customers.
“A lot of people actually put that money into their home loan offset account,” he said.
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