CBA quarterly profit slides amid record-low interest rates

Australia's major banks are grappling with a low interest rate environment after the Reserve Bank of Australia, in a bid to stimulate a sluggish economy, slashed rates this year. Further rate cuts have not been ruled out.

SYDNEY: Commonwealth Bank of Australia said margin pressure from record-low interest rates would persist as the country's biggest bank reported a near 10% drop in first-quarter cash profit on Tuesday.

Australia's major banks are grappling with a low interest rate environment after the Reserve Bank of Australia, in a bid to stimulate a sluggish economy, slashed rates this year. Further rate cuts have not been ruled out.