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November 8, 2017

CBA cash profit rises 6% in Q1

Commonwealth Bank of Australia (CBA) has reported cash profit of AUD2.65bn ($2bn) for the first quarter of fiscal year 2018, an increase of 6% compared to the average of the two quarters of the second half of FY17.

The profit was lifted by increased home lending and household deposits, the bank said in its earnings statement.

Operating income increased 4% from the average of the two quarters of the second half of FY17, due to improved margins.

The bank’s statutory net profit for quarter ended 30 September 2017 stood at AUD2.8bn.

The group’s common equity tier 1 (CET1) APRA ratio was 10.1%, while leverage ratio was 5.2% on an APRA basis.

The bank further said that funding and liquidity positions during the quarter remained strong, with customer deposit funding at 68% and liquid assets totalling AUD132bn.

The bank added that its net interest margin was higher in the quarter, due to asset repricing and reduced liquid asset balances.

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