Via the ASX:
That’s the worst CBA update in recent history:
- costs up 3% on royal commission compliance;
- income down -4%;
- profit down -9%;
- net interest margins down, and
- bad debts up though off very low levels.
Bank bear market roars again on CBA proto-profit warning
David Llewellyn-Smith
Wednesday, 9 May 2018
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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.
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