Business
CBA profit falls 11% to $7.3b as COVID-19 bites – Sydney Morning Herald
In one of the most keenly-anticipated results of this earnings season, the banking giant’s bottom line was hit by charges for bad debts as a result of the coronavirus crisis.
Chief executive Matt Comyn said there was continued uncertainty about the pandemic and the next few months would be critical, but Australia was “relatively well positioned,” with more government support expected.
“Significant stimulus measures have supported the economy, there is a strong pipeline of infrastructure projects, and the outlook for mining and agriculture exports is strong,” Mr Comyn said.
“The Government has announced there will be some tapering of measures, but we anticipate cont…
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