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CBA flush with cash

01 September 2008 4:47PM
The exact cause may be hard to pin down but there's no doubting the affect: Commonwealth Bank continues to stride away from the competition in the business of collecting cash on deposit.For the month of July, CBA net household deposits grew over five per cent or $5.4 billion to $109 billion, according to the latest Australian Prudential Regulatory Authority statistics.To put the CBA performance into perspective, net household deposits for all Australian deposit taking institutions increased $10.6 billion in July, so on a flow basis, the CBA collected just over half of all deposits for the month in Australia.For the big bank competitors, Australia and New Zealand bank increased household deposits by two per cent to $47.6 billion, with National and Westpac up 1.3 per cent, to $48 billion and $47.8 billion respectively. St George was up almost three per cent to $34.6 billion.ING reversed recent funds flow by increasing two per cent to $17.1 billion. BankWest was up 4.6 per cent to $14.1 billion, their highest household deposit value on record, with Rabobank meandering along to $841 million, which is only a $40 million increase during 2008.

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