CBA +0.82%: A solid 3Q25 trading update from CBA today with no surprises, other than confirmation that business lending has accelerated.
- Unaudited statutory cash profit came in at about $2.6 billion, inline with the 1H run-rate and puts them in a good place to meet full year consensus
- Home loan arrears were up five basis points to 0.71%, but still benign
- Business loans were up 9.1%, or $3.7 billion, over the three months, which was 1.3x system.
CBA is clearly targeting business banking for growth and NAB is in the firing line, one of the reasons why we’ve moved away from NAB in the last 6-months.
MM remains positive on CBA for income only
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