May 13, 2014 / 10:52 PM / in 4 years

Commonwealth Bank of Australia quarterly earnings up 16 pct

SYDNEY, May 14 (Reuters) - Commonwealth Bank of Australia, the country’s top lender by market value, on Wednesday reported a 16 percent rise in unaudited cash earnings of around A$2.2 billion for the third quarter, but flagged intensified competition in lending.

CBA said mortgage credit growth was moderate, as support from lower interest rates was balanced by higher levels of loan repayments. Commercial lending remained subdued, the bank added.

Credit quality was stable, with impaired assets unchanged at A$3.9 billion. The trading update provided limited information. (Reporting By Jane Wardell; Editing by David Gregorio)

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