Commonwealth Bank of Australia (CBA) has registered cash profit of AUD2.65bn ($2bn) in the first quarter of fiscal year 2018, a 6% rise compared to the average of the two quarters of the second half of FY17. The bank said that its profit was lifted by increased home lending and household deposits.
The bank’s operating income increased 4% from the average of the two quarters of the second half of FY17, due to improved margins.
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Statutory net profit for the quarter ended 30 September 2017 stood at AUD2.8bn.
The group’s common equity tier 1 (CET1) APRA ratio stood at 10.1%, while leverage ratio was 5.2% on an APRA basis.
The bank also said that funding and liquidity positions during the quarter remained strong, with customer deposit funding at 68% and liquid assets reaching 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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