CBA mortgage arrears highest in 14 years as rates bite households

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The bank reported strong business lending growth of 13.6 per cent for the quarter, with it continuing to take market share in that sector from rivals.

The Commonwealth Bank has increased its provisions for bad debts, and mortgage arrears rose to their highest level since 2012, as falling house prices and a weakening economy failed to offset stronger growth for business lending.

Australia’s largest lender reported a first-quarter cash profit of $2.8 billion, an 8 per cent increase on the same quarter last year, as it continued to win share of business loans.

This story and headline has been corrected to show that Commonwealth Bank mortgage arrears rose to their highest level since 2012 – or 14 years. An earlier version said it was six years.

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