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About: http://data.cimple.eu/news-article/04a06a49a2f0f52e6a9ea239ae9ec1f1a949dce8c35344d2dade9556 Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	Australia's Commonwealth Bank (CBA) reported a 10.8 percent drop in cash profits Wednesday, blaming the economic fallout of the coronavirus pandemic and record low interest rates. The country's largest lender said its statutory net profit after tax fell 20.8 percent to Aus$4.87 billion (US$3.76 billion), largely due to the one-off gain of a sale the previous year. Cash profits -- the bank's preferred measure -- slid 10.8 percent to Aus$3.88 billion due in part to the impact of Covid-19, including the cost of bad loans and provisions for future defaults. The country's central bank has also slashed the cash rate to 0.10 percent and embarked on a massive quantitative easing programme to stimulate the economy, suppressing mortgage interest rates. CBA announced a final dividend of Aus$1.50 per share, up more than half from the 98 cents paid out after its full-year results last August but still down 25 percent from pre-pandemic levels. Chief executive officer Matt Comyn said Australia was starting to see a turnaround in economic conditions but some cause for caution remained. "Australia is relatively well positioned having started from a position of fiscal and economic strength," he said in a statement. "Although the outlook is positive, there are a number of health and economic risks that could dampen the pace of recovery." Australia has been relatively successful in containing the coronavirus outbreak, with some 28,000 cases and 909 deaths in a population of 25 million. While much of the country is enjoying few restrictions, cases escaping from hotels used to quarantine returning travellers have led to snap lockdowns in recent months. The economy contracted in the first two quarters of last year in the country's first recession in nearly three decades. hr/dm/jah
schema:headline	Australia's Commonwealth Bank reports slide in profits
schema:mentions	Commonwealth Bank Slid (Fluke song) Dividend Mortgage loan Recession Quarantine Australia Chief executive officer Pandemic Severe acute respiratory syndrome coronavirus 2 Coronavirus disease 2019 Matt Comyn Quantitative easing Microsoft Outlook
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-02-10 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	64 (xsd:integer)

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