Coronavirus

CBA provides A$1.5b for covid-19-related losses

Jenny Ruth
Wed, 13 May 2020

Commonwealth Bank of Australia has provided A$1.5 billion against potential losses relating to the covid-19 crisis. That's just below Westpac's A$1.6 billion provisions and considerably higher than National Australia Bank's A$807 million and ANZ Bank's A$1.03 billion. CBA didn't say how much of the new provision relates to its New Zealand subsidiary, ASB Bank. Notwithstanding the provision, which takes its total provisions to A$6.4 billion, or 1.65 percent of risk-weighted assets, CBA said "the strength and resilience of the bank remai...

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