FacebookInstagramTwitterContact

 

You-C1000 Basketball Cup 2025           >>           Update on Pipe Maintenance Work           >>           Tadabbur Programme           >>           Twinning Programme           >>           Summer Leadership Programme           >>           Doa Kesyukuran Ceremony           >>           MoA Signing           >>           Presentation of Long Service Medal, Ministry of Development           >>           Ilal Hijrah Celebration           >>           Brunei Business Conference 2025, Morning           >>          

 

SHARE THIS ARTICLE




REACH US


GENERAL INQUIRY

[email protected]

 

ADVERTISING

[email protected]

 

PRESS RELEASE

[email protected]

 

HOTLINE

+673 222-0178 [Office Hour]

+673 223-6740 [Fax]

 



Upcoming Events





Prayer Times


The prayer times for Brunei-Muara and Temburong districts. For Tutong add 1 minute and for Belait add 3 minutes.


Imsak

: 04:34 AM

Subuh

: 04:44 AM

Syuruk

: 06:09 AM

Doha

: 06:33 AM

Zohor

: 12:22 PM

Asar

: 03:48 PM

Maghrib

: 06:34 PM

Isyak

: 07:49 PM

 



The Business Directory


 

 



World Business


  Home > World Business


Australia’s Top Lender Loses Last Buy Rating On Cautious Outlook


 


 August 11th, 2022  |  11:59 AM  |   692 views

AUSTRALIA

 

Commonwealth Bank of Australia, the country’s biggest lender, lost its last buy rating after Jefferies Financial Group Inc. downgraded the stock following its full-year results.

 

The broker lowered its recommendation to hold after the Sydney-based bank’s earnings on Wednesday, citing slowing credit growth and rising expense pressures. While Commonwealth Bank posted an 11% jump in profit, it cautioned that steeper borrowing costs and inflation were hitting consumer demand.

 

“The macro outlook for Australian banks is deteriorating” as rising rates crimp credit expansion, Jefferies analysts led by Brian Johnson wrote in a note. Intense deposit competition is also weakening the company’s net interest margin outlook.

 

While Australia’s largest lenders have passed on the Reserve Bank’s record series of interest rate hikes since May, they’re yet to show a significant rise in problem loans even after years of extreme mortgage competition. However, sentiment has taken a cautious turn as the nation’s debt-laden consumers grapple with the fastest tightening cycle in a generation.

 

Commonwealth Bank now has no buy ratings, five hold ratings and 10 sell ratings, according to data compiled by Bloomberg. Australia’s three other major lenders each have at least six buy ratings.

 

CBA shares are little changed this year, while the benchmark S&P/ASX 200 Index is down 5.2%.

 


 

Source:
courtesy of BLOOMBERG

by Georgina McKay

 

If you have any stories or news that you would like to share with the global online community, please feel free to share it with us by contacting us directly at [email protected]

 

Related News


Lahad Datu Murder: Remand Of 13 Students Extende

 2024-03-30 07:57:54

Singapore Police Can Now Seize Bank Accounts To Stop Scams

 2025-07-02 00:55:12

The Global Environmental Award Hit By Accusations Of Greenwashing

 2025-07-01 02:16:56