From Mac Bank today:
While we are cautious in reading too much into quarterly trends, CBA’s semi-annualised underlying earnings appear to be ~3% below our expectations and ~2% below consensus. The semi-annualised impairment charge was ~28% above our forecast as CBA took provisions for its stressed exposures in the institutional bank. Pre-provision analysis highlights weakness in the result
On a pre-provision profit basis, the result looked soft relative to both our expectations and consensus. Although we recognise that rounding off the reported numbers provides a possible range of outcomes, we note that the result appears to be slightly below consensus even based on more optimistic $2.34b outcome. At $2.3bn, the quarterly result appears to be ~3% below our forecast and ~2% below consensus.
