Australia’s biggest bank Q1 cash profit down 10%

Lower NIM: A file picture showing a man walking past a branch of the Commonwealth Bank of Australia in central Sydney. CBA says its NIM had fallen from the June quarter — Reuters

BENGALURU: Commonwealth Bank of Australia (CBA) 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.

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