CBA bad debts begin to rise

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From Watermark Funds Management’s investment via The Australian on the CBA result this morning:

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Cash earnings came in ahead of estimates

“Cash earnings grew by 6% sequentially and 4% on the prior corresponding period and came in 1% ahead of consensus expectations. However, EPS was in line with expectations due to dilution from the capital raising last year. Underlying profits were also 1% ahead of expectations, however CBA benefited from stronger earnings in insurance and funds management income,” Mr Joshi said.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.