Commonwealth Bank (ASX:CBA) share price higher on Q1 and loan deferral update // Motley Fool Australia

The Commonwealth Bank of Australia (ASX: CBA) share price has been a positive performer on Wednesday and is pushing higher in afternoon trade.

At the time of writing, the banking giant’s shares are up 2% to $73.83.

Why is the Commonwealth Bank share price pushing higher today?

There have been a couple of catalysts for the rise in the Commonwealth Bank share price today.

The first is the release of its first quarter update, which revealed a stronger than expected cash net profit after tax of $1.8 billion.

While this was a 16% decline on the prior corresponding period, a note out of Goldman Sachs reveals that it is run-rating ~6% ahead of what is implied by the broker’s half year forecasts. This was driven largely by lower than…