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CBA lifts in September quarter

After ceding market share over the year to June, Commonwealth is turning things around in the mortgage market.

Home loans grew $8.6 billion at 1.3x system for the three months to September 2024, “with continued focus on retaining existing customers in a highly competitive market and improved acquisition volumes” CBA said in its trading update yesterday for the September 2024 quarter.

The proprietary mix for home loans represented 66 per cent of new business flows for the quarter, in line with FY2024. 

Household deposits grew $14.9 billion in the quarter, in line with system.

Retail Bank transaction accounts continued to grow, with an increase of 121,000 accounts in the quarter driven by continued non-migrant and migrant account openings.

It reported an unaudited statutory NPAT of $2.5 billion in the quarter. This was up 5% on quarterly average over the second half of 2024 and flat on the prior comparative quarter. 

Operating income was up 3.5% operating expenses were up 3%, mainly due to wage inflation and increased investment spend.

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