May 12, 2020 / 11:11 PM / 12 days ago

BRIEF-CBA Posts Qtrly Cash Profit From Cont Ops Of About $1.3 Bln

May 13 (Reuters) - Commonwealth Bank of Australia:

* QTRLY LOAN IMPAIRMENT EXPENSE $ $1.6BN

* QTRLY UNAUDITED STATUTORY NET PROFIT ABOUT $1.3 BILLION VERSUS $1.75 BILLION REPORTED LAST YEAR

* ADDITIONAL LOAN LOSS PROVISIONS OF $1.5BN FOR POTENTIAL IMPACT OF COVID-19 ON OUR CUSTOMERS

* QTRLY CASH PROFIT FROM CONTINUING OPERATIONS ABOUT $1.3 BILLION VERSUS $1.70 BILLION REPORTED LAST YEAR

* QTRLY NET INTEREST MARGIN WAS LOWER THAN 1H20

* TROUBLESOME AND IMPAIRED ASSETS WERE HIGHER AT $8.1 BILLION AT MARCH END

* WELL PLACED TO MANAGE CHALLENGING MARKET CONDITIONS, WITH STRONG BALANCE SHEET SETTINGS & FAVOURABLE BUSINESS MIX

* SINCE ONSET OF COVID-19 PANDEMIC, PACKAGE OF SUPPORT MEASURES INCLUDED REPAYMENT DEFERRALS ON ABOUT 240,000 LOANS

* INCREASED COVID-19 RELATED STAFFING LEVELS, AMONG OTHERS WILL IMPACT COSTS IN Q4 AND POTENTIALLY INTO FY21

* INCREASED PROVISIONS FOR FUTURE LOAN LOSSES BY $1.5 BLN, BRINGING TOTAL PROVISIONS FOR FUTURE LOSSES TO $6.4 BLN Source text for Eikon: Further company coverage:

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