Commonwealth Bank hikes loan reserves on accounting switch
The Commonwealth Bank of Australia (CBA) increased loan-loss reserves by A$1.1 billion ($785 million) as fresh accounting rules came into effect.
Cash set aside to cover shaky loans grew 38% to A$3.8 billion as the bank switched to the AASB 9 accounting standard on July 1. The new regime is the Australian equivalent of IFRS 9, which applies to banks that subscribe to international accounting standards, and introduces a new way to size loan provisions that uses future economic forecasts to
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact [email protected] to find out more.
You are currently unable to copy this content. Please contact [email protected] to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
More on Risk Quantum
Derivatives
GFXC confirms zero hold times in last look
Chair says checks can’t be used to monitor client market impact – a “game changer” according to some
Receive this by email