Commonwealth Bank of Australia on Monday said cash profit dropped 28% in the thi...
SYDNEY - Commonwealth Bank of Australia on Monday said cash profit dropped 28% in the third quarter as the country’s biggest lender was whacked by falling fee income, rising refunds for wronged customers and squeezed margins.
CBA said it set aside another A$714 million to compensate customers in the three months to end-March, while lower fees and rising expenses also dragged on profit. That takes total set aside for remediation over A$2 billion. “Obviously the revenue is softer ... the credit environment is softer, the Aussie economy is softer.”
“The magnitude of the fee resets is significant,” JPMorgan analysts told clients in a note. “We expect to drive downgrades to ... consensus earnings.”
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