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Commonwealth Bank has reported a 7 per cent increase in profit to $10.98 billion driven by loan and deposit growth, but says mortgage applications are down 15 per cent since the federal budget and growth is slowing as higher interest rates and costs put pressure of family budgets.
The profit number came in ahead of expectations as CBA grew at or above average in its five core areas – home lending, business lending, consumer finance, household deposits and business deposits – for the first time.
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