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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.

MIL OSI – Global Reports