News: CBA CBA Posts Cash NPAT of A$5,153 Mln

Feb 15 (Reuters) - Commonwealth Bank of Australia (CBA) :

• CET1 RATIO 11.4% AS AT DEC-END
• HY STATUTORY NPAT A$5,216M VERSUS A$4,741M REPORTED YEAR AGO
• EXPECT BUSINESS CREDIT GROWTH TO MODERATE AND GLOBAL ECONOMIC GROWTH TO SLOW DURING 2023
• HY CASH NPAT OF A$5,153 MILLION WAS 9% HIGHER
• HY NET INTEREST MARGIN WAS 2.10%, UP BY 18 BASIS POINTS
• DECLARES INTERIM DIVIDEND OF 210 AU CENTS PER SHARE
• REMAIN OPTIMISTIC A SOFT LANDING FOR AUSTRALIAN ECONOMY CAN BE ACHIEVED AND POSITIVE ON MEDIUM-TERM OUTLOOK FOR AUSTRALIA
• HY NET INTEREST INCOME FROM CONTINUING OPERATIONS A$11,637 MILLION VERSUS A$9,748 MILLION REPORTED YEAR AGO
• HY TROUBLESOME AND IMPAIRED ASSETS DECREASED BY A$0.5 BILLION TO A$6.3 BILLION IN 1H23
• BANK REMAINS WELL PROVISIONED AND CAPITALISED TO CONTINUE TO SUPPORT AUSTRALIAN HOUSEHOLDS AND BUSINESSES
• HY LOAN IMPAIRMENT EXPENSE INCREASED BY A$586 MILLION TO A$511 MILLION
• FUNDAMENTALS OF ECONOMY REMAIN SOLID, WITH LOW UNEMPLOYMENT, STRONG EXPORTS, AND RETURNING MIGRATION
• CONTINUE LONG-TERM APPROACH TO CAPITAL MANAGEMENT BY ANNOUNCING INTENTION TO INCREASE ON-MARKET SHARE BUY-BACK BY ADDITIONAL A$1 BILLION
• HY TOTAL IMPAIRMENT PROVISIONS INCREASED A$194 MILLION TO A$5,541 MILLION ON PRIOR HALF
• BANK WILL CONTINUE TO TARGET A FULL YEAR PAYOUT RATIO OF 70-80% OF CASH NPAT
• BANK WILL CONTINUE TO TARGET AN INTERIM PAYOUT RATIO OF 70% OF CASH NPAT
• INVESTING IN BUSINESS TO REINFORCE CUSTOMER PROPOSITIONS, KEEP CUSTOMERS SAFE FROM INCREASING FRAUDS AND SCAMS, AMONG OTHERS
• REMAINS WELL PROVISIONED AND CAPITALISED TO CONTINUE TO SUPPORT AUSTRALIAN HOUSEHOLDS AND BUSINESSES
• LIQUIDITY COVERAGE RATIO (LCR) WAS 131% AS AT DEC-END
• NET STABLE FUNDING RATIO AS AT 31 DECEMBER 2022 WAS 129%
• ON COMPLETION OF BUYBACK, BANK’S CET1 RATIO IS EXPECTED TO REDUCE BY APPROXIMATELY 25 BASIS POINTS
• EXPECTS TO OPERATE WITH POST-DIVIDEND CET1 RATIO OF >11.0%, EXCEPT IN CIRCUMSTANCES OF UNEXPECTED CAPITAL VOLATILITY