Can’t. CBA’s dour result

Monday 5 August 2019

Via banking legend Ian Rogers:

CBA’s full year result for June 2019 on Wednesday will be doing well to carry much good news. Post-royal commission it’s running at 0.5 times system on retail deposits, and margins are preserved for now only by the bond rally.

Mortgage growth is a bit better than system, with Commonwealth Bank ahead of all peers, but the housing turnaround is febrile. Big banks are losing market share to smaller brands in spades and on the wholesale side global banks are taking market share willy nilly.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

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.