CEO Matt Comyn says Commonwealth Bank funded record home loan volumes in 2022 and kept a sound credit portfolio, but acknowledged its customers’ mood is changing.
Commonwealth Bank of Australia chairman Paul O’Malley says the bank will need to work with regulators and across the industry to deal with an expected increase in hardship cases driven by soaring interest rates.
“The overall portfolio and the economy is very strong, and hence the reason why they’re continuing to lift the cash rate,” Mr Comyn said. “It’s a very important focus and priority for us ... to be engaging proactively with customers well in advance of their fixed rate maturity, so they can best prepare for that,” he said.
“We are also very conscious that a number of our personal and business customers are feeling very concerned about rising inflation and rising interest rates,” Mr Comyn said., as higher interest rates begin to take a toll on household spending. It was the first decline since the RBA began raising rates in May, and further declines are expected in the months ahead as rates began to bite.
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