Commonwealth Bank Profit Rises 8% as Home Loan Applications Fall 16%
Commonwealth Bank of Australia reported an 8% rise in first-quarter cash profit, while home loan applications fell 16%. The bank attributed stronger profit to higher lending and deposit volumes, and weaker applications to high interest rates and new tax reforms.
Commonwealth Bank of Australia ASX:CBA posted an 8% rise in first-quarter cash profit on Wednesday, helped by higher lending and deposit volumes, but the number of home loan applications slid 16% as high interest rates and new tax reforms dented demand.Australia's top bank reported a cash net profi…