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Commonwealth Bank (CBA) $97.12

3Q update out this morning to wrap up the reporting period for the local banks. Numbers look solid:

  • NPAT of $2.6b, 1% ahead of the 1H average and +10% on 3Q22
  • Total NPAT for the first 9 months is $7.75b, on track to meet consensus of $10.35b
  • Net interest income fell 2%, the bank reiterating commentary from peers regarding strong competitive pressures. This was offset by improved non-interest income
  • Expenses were flat
  • Slight increase in provisions to maintain capital strength, though impairments fell to $223m vs $511m in the 1H
  • Capital remains strong with CET1 at 12.1%
MM is mildly bullish on CBA <$100
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Commonwealth Bank of Australia (CBA)
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