Business
CBA is sprinting just to stand still – The Australian Financial Review
Despite COVID-19, Commonwealth Bank is running much faster than the market in home loans, business loans and deposits. But low rates will weigh on it for years.
Despite all this growth, CBAs operating income during the quarter was flat, as lower interest rates and competition weighed on its net interest margin.
Chief executive Matt Comyn is happy with the performance of his bankers given the strong growth rates in loans and deposits. But he says theres no escaping the fact that banks around the world are stuck in a low rate environment that, as Reserve Bank governor Philip Lowe made very clear last week, is here to stay for the foreseeable future.
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