Commonwealth Bank's profit margin was crunched further last quarter due to stronger competition for deposits. It grew home loans and household deposits at a slower pace than the sector average in September. The bank also increased provisions for bad loans as higher interest rates affected some customers. Its unaudited cash profit for the three months to September 30 was $2.5 billion, flat on the quarterly average over the second half and up 1% from the first quarter of last year.
The bank attributed the lower net interest margins to continued competitive pressure in deposits and customers switching to higher-yielding deposits
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