:Commonwealth Bank of Australia on Tuesday reported better-than-expected quarterly cash earnings, as higher home and business lending volumes offset the impact on its margins from stiff competition.Australian banks have been facing headwinds from intensifying competition in the mortgage market as windfall fro
:Commonwealth Bank of Australia on Tuesday reported better-than-expected quarterly cash earnings, as higher home and business lending volumes offset the impact on its margins from stiff competition.
CBA, the country's biggest lender, logged a 2 per cent drop in its net interest income impacted by lower net interest margins due to"continued competitive pressure in home loan pricing and customers switching to higher yielding deposits".While CBA's home lending volumes in Australia jumped A$6.90 billion during the third quarter ended March 31, delays in home loan payments stood at 0.44 per cent, ticking higher from 0.43 per cent in the previous quarter.
Business lending volumes jumped A$2.60 billion in the reported quarter, while household deposits also rose A$6.2 billion from the prior quarter.
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