Commonwealth Bank of Australia’s Profit Growth Despite Mortgage Volume Slide
Commonwealth Bank of Australia’s first-quarter profit climbed by 8% to approximately A$2.8 billion ($1.9 billion) in the three months ending September 30, compared to the same period last year, as per an unaudited statement released on Wednesday. This growth was driven by an increase in business loans, partially offsetting the decline in home loan applications, which remained around 16% lower than the previous year.