Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Full future rate cuts unlikely to reach borrowers: CBA

Staff Reporter 1 minute read

Commonwealth Bank borrowers may not see the full benefit of future rate cuts warned CEO Ralph Norris yesterday.

Speaking yesterday about the delivery of CBA’s half-year results Mr Norris said that rising wholesale funding costs would need to be recovered.

“Our margins have been reduced since the beginning of the credit crisis, below the level we regard as acceptable,” he said, according to The Australian Financial Review.

“That’s why we have indicated to the market we may not necessarily be able to pass on future rate cuts in their entirety.”

CBA recently delivered the full one per cent benefit of February’s cash rate reduction to home loan customers, reducing its standard variable lending rate to 5.74 per cent.

COMMENT HERE


Full future rate cuts unlikely to reach borrowers: CBA
default
TheAdviser logo
default

 

more from the adviser
ASIC TA ASIC to update ACL process following security breach

The financial services regulator is working on “alternative arr...

money au ta Lenders extend cashback offers

Several lenders and their subsidiaries have extended their cashba...

ren wong N1 pivots to become SME lender

Diversified broking and non-bank lending group N1 Holdings has an...

FROM THE WEB