Commonwealth Bank of Australia has today released its trading update for the quarter ended 31 March 2020.

Chief Executive Officer Matt Comyn said:

'The Commonwealth Bank is focused on doing everything we can to support Australia in these challenging times. The Bank is well funded, with significant levels of excess liquidity and strong capital.

The strength of the Bank means we are well placed to support our customers and the broader Australian economy. Since the onset of the COVID-19 pandemic, our package of support measures has included over $9 billion in support to ~100,000 businesses, repayment deferrals on approximately 240,000 loans, reduced interest rates for borrowers, increased interest rates for depositors and waived fees and charges. Our strong capital position enabled us to deliver 1H20 dividend payments totalling $3.5bn to our ~830,000 shareholders during March, providing a further direct cash benefit into the economy.

Today's announcement of an additional credit provision of $1.5bn for the potential longer term impacts of COVID-19 further reinforces our already strong provisioning and balance sheet settings.

The strength and resilience of the Bank remained evident through the March quarter. Our people have continued to serve our customers diligently and professionally under challenging circumstances. Given the challenges our people have faced, it was particularly pleasing to note a significant improvement in our recent survey of employee engagement (up 13% on a year ago) which reflects the commitment and sense of pride our people have in supporting their customers and the broader community during these difficult times.

The measures put in place by the Government and the Reserve Bank, and the actions taken by regulators, have cushioned the economic impact, kept businesses intact, and supported people who have been most impacted.

I am proud of the ongoing efforts of everyone across the Group and I know that the Commonwealth Bank will continue to support our people, our customers and the broader Australian community.'

For more on the Third Quarter 2020 Trading Update please visit our Investor Centre.

(C) 2020 Electronic News Publishing, source ENP Newswire