:Commonwealth Bank of Australia on Tuesday warned high interest rates could impact its customers' capacity to repay loans on time over the coming months while heating competition in the mortgages markets threatens its margins.Australia's biggest lender expects arrears rate to increase as borrowers bear the
:Commonwealth Bank of Australia on Tuesday warned high interest rates could impact its customers' capacity to repay loans on time over the coming months while heating competition in the mortgages markets threatens its margins.
CBA's home loan arrears stood at 0.44 per cent, as of March-end quarter, a tick higher from 0.43 per cent seen in the prior quarter. Its troubled and impaired assets rose to A$6.70 billion , or 0.47 per cent of total exposures, from A$6.30 billion as at 2022-end. Australian banks have been facing headwinds from intensifying competition in the mortgage market as windfall from rising interest rates that boosted their margins over the past year peaks, forcing them to look beyond traditional residential mortgages business for growth.
CBA logged a 2 per cent drop in its net interest income, pulled down by lower net interest margins due to"continued competitive pressure in home loan pricing and customers switching to higher yielding deposits".
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