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Commonwealth Bank sees higher loan provisions in H1

SYDNEY
Wed Nov 12, 2008 6:00pm EST

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SYDNEY (Reuters) - Commonwealth Bank of Australia (CBA.AX), the country's second-largest lender, expects higher bad loan provisions in the first half and is cautious on the economic outlook for at least 18 months.

The bank said ahead of its annual general meeting on Thursday that its first-half performance had been negatively impacted by bad loan costs.

The bank said last week it had A$240 million ($153 million) senior debt exposure to collapsed child-care group ABC Learning Centres Ltd ABS.AX, and A$170 million exposure to collapsed investment firm Allco Finance Group Ltd AFG.AX.

(Reporting by Mette Fraende)


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