CBA: Q3 update

CBA has been hit by the same big name defaulters as Westpac and ANZ last week.

The big name defaulters that hit Westpac and ANZ last week have hit CBA today, with its revelation that loan impairment expenses rose 67% in the quarter from the same period a year ago, to $427m. The increase was ‘largely due to a small number of exposures in the Group’s institutional lending portfolio … including a single relatively large domestic exposure with a syndicate of lenders including other Australian major banks’.

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