CBA adjusts to cooler climes

There were no surprises in Commonwealth Bank's clean and high-quality numbers, but it may be harder to reproduce that success once the federal budget's full impact is felt.

Commonwealth Bank’s March quarter update continues the sector’s recent themes of relatively modest volume growth, a continuing fall in impairment charges, good cost control and strengthening capital and liquidity positions.

The bank’s cash earnings of $2.2 billion are consistent with the group’s first half run-rate, just under 16 per cent ahead of the same quarter last year. But within the result are indicators of subtle changes to the context in which the major banks are operating.

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