Loan impairments drive big fall in CBA profit

The CBA has recorded a $7.3 billion full year cash net profit after tax (NPAT), down 11.3% as it counts the cost of COVID-19.

The fall in NPAT is being blamed on extra loan impairmants with CEO Matt Comyn saying the bank anticipates lower credit growth and lower interest rates.

CBA’s net interest margins also fell slightly due to lower interest rates.

Dividends are expected to be reduced from $2.31 to 98 cents as a result:

Full results here.

Unconventional Economist

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