Source: Commonwealth Bank of Australia – 1Q21 Trading Update – CBA has posted its First Quarter Trading Update for FY21.
Wednesday, 11 November 2020 – Commonwealth Bank has today posted a Trading Update for the quarter ended 30 September 2020:
· Unaudited Statutory NPAT of ~$1.9bn4,5 in the quarter
· Unaudited Cash NPAT of ~$1.8bn4,6 in the quarter, down 16% on the same period last year
· Income stable versus 2H20 quarterly average, with core volume growth helping to offset lower margins
· Expenses up 2% excluding customer remediation (down 4% including customer remediation provisions in 2H20)
· Credit quality indicators insulated by repayment deferrals and government support initiatives – provision coverage strengthened through forward looking adjustments for economic assumptions and expected COVID-19 impacts
· Strong balance sheet settings maintained, with deposit funding at 74%, NSFR of 125% and LCR of 146%
· CET1 Ratio of 11.8%, up 20bpts after payment of the 2H20 final dividend to ~890,000 shareholders
In addition, Commonwealth Bank provided an update on its loan repayment deferral data for the month of October 2020, reporting a net reduction of 59% in total loan deferrals.