On Wednesday, the big four banks confirmed NPAT of $2.2 billion for the quarter in an unaudited trading update, while also noting increases to household deposits (up 12 per cent to $20.4 billion), home lending (up 7.6 per cent to $10.1 billion) and business lending (up 13 per cent to $3.1 billion).
The bank reported a 1 per cent drop in income and for expense, which it attributed to lower remediation costs offsetting higher staff expenses.
The results come after CBA completed a $6 billion off-market share buyback last month and reclaimed 3.8 per cent of its issued share capital.
Chief executive Matt Comyn said the offer was “significantly oversubscribed” and that through the buyback, CBA has returned over $12 billion to shareholders in the past 12 months.
“Through the first quarter of FY22, our focus has remained on supporting our people, customers and communities as the economy recovers from the impact of COVID-19,” Mr Comyn said on Wednesday.
“Our focus on operational execution ensures we are well placed to provide this support as activity restrictions continue to ease. This was reflected in strong, above-system volume growth in core markets in 1Q22, continued sound portfolio credit quality and balance sheet strength."
Neil Griffiths
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
