Source: AFP
COMMONWEALTH Bank says quarterly cash earnings jumped 8.6 per cent, but has warned that a competitive market is putting pressure on its loan deposit margins.
Australia's biggest bank today said cash earnings had risen to $1.9 billion in three months to March, up from $1.75 billion in the same period last year. Net profit for the period was $1.9 billion, up 12 per cent.
"Revenue growth continued to reflect a combination of conservative business settings and modest system credit growth,'' the bank said today.
Commonwealth Bank in February delighted investors after beating expectations with a "cracker'' first-half result.
The bank cash profit - a measure of its underlying performance - surged 6 per cent to $3.78 billion for the six months to December. Analysts said the latest quarterly result would again please shareholders.
"Commonwealth Bank continues to deliver earnings of increasing quality and strength,'' Morningstar head of financials David Ellis said. "Quarterly earnings are in line with our expectation, and our positive view is intact."
"Our 2013 cash profit forecast of $7.5 billion needs to be reassessed with an earnings upgrade likely."
"Importantly, future dividends look increasingly sustainable.''
The bank last week passed on in full the Reserve Bank's 25 basis point interest rate cut. Commonwealth Bank shares opened more than 1 per cent higher this morning at $72.85.
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