The Commonwealth Bank generated $2.3 billion in net profit after tax in the March quarter despite income easing 1 per cent. This partly reflected “continued margin pressure” facing the business.
The bank pointed to “higher non-interest income helping to offset continued margin pressure from elevated swap rates, mix effects and competition,” during the quarter.
The bank held a CET1 ratio of 11.1 per cent for the period after its previously announced $3 billion interim dividend payments in the first half of the financial year. The bank has also previously announced an on-market share buyback of up to $2 billion to be conducted across the remainder of 2022.
Shares in Commonwealth Bank of Australia (ASX:CBA) are trading 0.4 per cent higher at $101.96.