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Commonwealth Bank borrowers may not see the full benefit of future rate cuts warned CEO Ralph Norris yesterday.
Speaking yesterday about the delivery of CBA’s half-year results Mr Norris said that rising wholesale funding costs would need to be recovered.
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“Our margins have been reduced since the beginning of the credit crisis, below the level we regard as acceptable,” he said, according to The Australian Financial Review.
“That’s why we have indicated to the market we may not necessarily be able to pass on future rate cuts in their entirety.”
CBA recently delivered the full one per cent benefit of February’s cash rate reduction to home loan customers, reducing its standard variable lending rate to 5.74 per cent.
