Commonwealth Bank of Australia has posted a steady cash profit of $2.4 billion in its third quarter as growth in home and business lending helped offset the impact of ongoing margin pressure.
The latest result was unchanged when measured against the average outcome for the first two quarters of the fiscal year, but down two per cent from the same quarter last year.
Statutory earnings for the three months to March 31 came in at $2.3 billion.
"The March quarter underlined the disciplined execution of the group's strategy, focused on our core banking franchises, which delivered continued volume growth, sound portfolio credit quality and ongoing support for our customers and communities," Chief Executive Matt Comyn said.
Net interest income was two per cent lower as volume growth was offset by a lower margin due to a mix of higher swap rates, portfolio competition and competition in the home loan market.
The bank had a CET1 capital ratio of 11.1 per cent at March 31, a decrease of nine basis points in the quarter.