CBA +0.63%: Australia’s biggest bank was out with their 3rd quarter update today which was largely as expected, but did enough to support the stock on a weak day for the broader market. NPAT was flat vs the quarterly average in the 1H at $2.4b while income fell 1% as volume growth failed to offset margin pressure. Credit quality remains strong with the bank seeing $48m in reserve releases to help support profits. Expenses were also well managed, down 1% excluding remediation. With 9 months now in the books, CBA looks well placed to at least meet consensus expectations for the full year.
MM is bullish & long CBA
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