May 9 (Reuters) - Commonwealth Bank of Australia (CBA) : WE...

May 9 (Reuters) - Commonwealth Bank of Australia (CBA) :

• WE REMAIN POSITIVE ON THE MEDIUM-TERM OUTLOOK FOR AUSTRALIAN ECONOMY
• QTRLY UNAUDITED CASH NPAT OF A$2.6 BILLION VERSUS A$2.4 BILLION REPORTED YEAR AGO
• QTRLY UNAUDITED STATUTORY NPAT OF A$2.6 BILLION VERSUS A$2.3 BILLION REPORTED YEAR AGO
• AS AT MARCH 31, CET 1 RATIO OF 12.1%
• QTRLY NET INTEREST INCOME WAS 2% LOWER VERSUS 1H23 QUARTER AVERAGE
• QTRLY LOAN IMPAIRMENT EXPENSE A$223 MILLION
• MANY OF OUR CUSTOMERS ARE FEELING THE STRAIN OF HIGHER INTEREST RATES AND THE RISING COST OF LIVING
• QTRLY OPERATING EXPENSES EX REMEDIATION REDUCED BY 1% VERSUS 1H23 QUARTER AVERAGE
• IN QUARTER PORTFOLIO CREDIT QUALITY REMAINED SOUND, WITH CREDIT PROVISIONS INCREASING SLIGHTLY TO FURTHER STRENGTHEN OUR BALANCE SHEET POSITION
• HOUSEHOLD DEPOSITS ALSO GREW A$6.2 BILLION IN THE QUARTER
• AS HIGHER INTEREST RATES IMPACT THE AUSTRALIAN ECONOMY IN PERIOD AHEAD, EXPECT ECONOMIC GROWTH TO CONTINUE TO MODERATE
• IN QUARTER HOME LOAN ARREARS REMAINED LOW AT 0.44%
• CBA - AS AT MARCH 31, TROUBLESOME AND IMPAIRED ASSETS WERE HIGHER AT A$6.7 BILLION
• BALANCE SHEET SETTINGS REMAINED STRONG IN THE QUARTER
• EXPECT TO SEE FURTHER INCREASES IN ARREARS RATES AS FULL EFFECTS OF INTEREST RATE INCREASES ARE BORNE BY BORROWERS IN MONTHS AHEAD
• AS AT 8 MAY 2023, GROUP HAD COMPLETED APPROXIMATELY A$2 BILLION OF A$3 BILLION SHARE BUY-BACK
• BALANCE SHEET STRENGTH POSITIONS US WELL TO CONTINUE TO SUPPORT CUSTOMERS AND EXTEND CREDIT REQUIRED TO GROW AUSTRALIAN ECONOMY
• DESPITE CHALLENGING GLOBAL ECONOMIC OUTLOOK, AUSTRALIA IS RELATIVELY WELL POSITIONED GIVEN STRENGTH OF OUR BANKING SYSTEM
• LOWER NET INTEREST MARGINS FROM COMPETITIVE PRESSURES DURING QUARTER