The Commonwealth Bank says consumers are using the Morrison government's tax refunds to get on top of mortgage and credit card debt, with fewer people falling behind on their loan payments in the latest quarter.
"Consumer arrears improved in the quarter due to seasonality and the benefit of higher tax refunds. Personal Loan arrears rates remained elevated due to lower portfolio growth and continued pockets of stress in Western Sydney and Melbourne," CBA said in the trading update.The bank highlighted the trend in an update that said its unaudited cash profits rose 5 per cent to $2.3 billion in the three months to September.
have used interest rate cuts to get on top of their loans, and CBA in August said its new app would "suggest" customers use tax return windfalls to pay own debt. CBA's net interest income was 3 per cent higher in the quarter, helped by solid growth in mortgage lending, business lending and deposits, and the fact there was an extra 1.5 trading days in the quarter. The bank's non-interest income also increased, by 7 per cent, due to asset sales, a lack of insurance claims, and higher sales in its global markets business.
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