Commonwealth Banks Financial Results Summary for the Quarter

Commonwealth Bank of Australia (ASX: CBA) shares financial results summary for the quarter which shows:

• The unaudited statutory NPAT for the quarter was AU$ 2.6 billion, and the unaudited cash NPAT was AU$ 2.6 billion, up 1% on the 1H23 quarterly average (up 3% on a day-weighted basis) and up 10% on the prior comparative quarter.
• The expenses were also flat on a headline basis, but they were down 1% when excluding remediation. The operating performance remained consistent with the 1H23 quarterly average, showing a 2% increase on a day-weighted basis, while it demonstrated an 18% improvement compared to the prior comparative quarter.
• The loan impairment expense was AU$223 million, with collective and individual provisions slightly higher.
• Despite financial conditions tightening, the portfolio credit quality remained sound, and credit provisions increased slightly to strengthen the balance sheet position further.
• The balance sheet maintained its strength with a CET1 (Level 2) ratio of 12.1% under APRA's updated capital framework, resulting in a surplus of capital amounting to AU$ 8.7 billion beyond the minimum regulatory requirement.

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