Commonwealth Bank posts $10.9 billion annual profit as ASX futures point to 0.4% drop
AI Market Summary
Commonwealth Bank's results showed softer mortgage demand (applications -15% since May 12), a lower NIM (2.05%), and higher costs, reinforcing the drag from tighter RBA policy and property tax changes. Risk appetite also weakened after losses in US mega-cap tech pushed US equities lower, while Brent rose on continued Strait of Hormuz closure concerns, adding an inflation-risk overlay. ASX futures point to a weaker open.
Impact level
● Medium
Affected assets
NCSISP5002USD/USDT+0.16%
AI Insight · NCSISP5002USD/USDTAI Insight
▼ Bearish
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Commonwealth Bank reported annual profit of A$10.9 billion, while its net interest margin eased to 2.05% and operating expenses rose 6% to A$13.76 million. The bank said home loan applications have fallen 15% since May 12. The government has abolished the 50% capital gains tax discount and replaced it with a 30% minimum tax rate on net capital gains, lifting the tax burden for many sellers. ASX futures were down about 0.4%.
