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...

Not convinced yet?

Subscribe to our Daily News Update free newsletter.

Xero’s US revolving door continues to spin
Jenny Ruth | Thu, 18 Aug 2022

Xero’s progress in Britain continues to be “more subdued than we’d like”, chief executive Steve Vamos told the annual shareholders’ meeting.

Artists could get resale royalties – but what about TradeMe?
Warren Feeney | Thu, 18 Aug 2022

Those in the art world are asking where TradeMe fits into the conversation as NZ starts to pay artists a percentage of the resale of their works.

Higher house prices not caused by build costs – Treasury
Brent Melville | Thu, 18 Aug 2022

Restricted land supply has been a prime driver of housing inflation, a new report says.

In uncertain times, bricks and mortar hold steady

Can real estate provide a hedge against high inflation? Scott McKenzie, CEO of PMG Funds, talks about why tangible assets can be defensive and how PMG’s latest investment offer will help make the fund more resilient.

Communication the barrier to ‘human firewall’ technology

Communication is the barrier to New Zealand adopting the global Zero Trust cybersecurity strategy, says a new survey.