CBA's H1 2021 Results Down Reflecting Higher Impairments as Volume Growth is Offset by Lower Rates
Commonwealth Bank of Australia (CBA or the Bank) reported a net profit of approximately AUD 4.9 billion in the last six months since end-June 2020 (H1 2021) on a statutory basis, down 20.8% Year-on-Year (YoY). The result was affected by the lower interest rate environment and the COVID-19 pandemic disruptions to the economy, but was supported by the sale of divestments such as BoComm Life. On a continuing operations basis (cash basis), CBA reported a net profit of AUD 3.9 billion down 10.8% largely due to COVID-19 related increase in impairments, but also volume growth offset by lower rates. Overall, CBA's return on equity in H1 2021 remains solid at 10.5% on a cash basis (vs. 10.3% in FY20).Commonwealth Bank of Australia provides integrated financial services including retail, business and institutional banking, funds management, superannuation, life insurance, general insurance, broking services and finance company activities. Co. operates in seven segments, Retail banking Services, Business and Private Banking, Institutional Banking and Markets, Wealth Management, New Zealand, Bankwest, as well as International Financial Services and Other Divisions. As of June 30 2016, Co. had total assets of A$933.1 million and total deposits of A$588.0 million.
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