Get notifications in real-time for staying up to date with content that matters to you.
The Commonwealth Bank has revealed expectations of rising bad debts and impairment charges, in line with similar forecasts from the other major banks in the last month.
Commenting on the bank’s March quarter update yesterday CBA chief executive Ralph Norris said operating conditions remained challenging.
“Rising unemployment and slowing credit demand will have negative implications for the Australian banking sector, particularly for volume growth and loan impairment charges,” he said.
Impairment expenses for the bank for the quarter were approximately $630 million.
"There was an increase in consumer arrears through the March quarter, consistent with the slowdown and rising unemployment. Commercial credit quality remains sound although the SME portfolio... [is] showing signs of deterioration,” Mr Norris said.
If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.
Hiver, a new digital bank to be launched under Teachers Mutual, i...
The REIQ has slammed the Queensland government for failing to act...
The non-bank lender has appointed a senior credit manager whose r...
The number one magazine for mortgage brokers
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
What's the longest time you've been left on hold before getting through to a credit assessor?
