Loan impairments drive big fall in CBA profit

Wednesday, 12 August 2020

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.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.