Profits up for Australia's biggest home loan lender

Profits at the Commonwealth Bank are up 10 percent on this time last year, according to its latest trading update released today.

The country’s largest mortgage lender posted an unaudited cash net profit after tax of $2.6 billion for the third quarter of this financial year. At the same time it noted that growth had slowed by 2 percent over the first half of the year.

“Volume growth (has been) offset by lower net interest margins primarily from continued competitive pressure in home loan pricing and customers switching to higher yielding deposits,” the bank said in a statement.

“Competition for home loans has remained intense in Australia and New Zealand.

“Non-interest income was 11 percent higher, primarily driven by higher trading income and the non-recurrence of losses from equity accounted investments in the prior half.”

The bank credited its ‘franchise strength, customer focus and consistent operational execution’ for the profits it had delivered, pointing to particularly strong growth in the retail bank sector, with the number of new retail transaction accounts opened up by a third.

It also noted that home loan arrears were still relatively low at 0.44 percent, which the CBA said was a reflection of low unemployment levels.

CBA CEO Matt Comyn said the bank was ‘committed’ to supporting customers through cost of living pressures and higher interest rates, adding that Australia is well placed to weather domestic and global challenges.

“We remain positive on the medium-term outlook,” he said. “The strength of our balance sheet means we are well placed to continue supporting our customers and the broader Australian economy while delivering sustainable returns to our shareholders.”

Bhutan has become the first country in the world to implement a national-level cryptocurrency payment system for tourism, marking a major milestone in digital innovation and travel.

Launched in partnership with Binance Pay and Bhutan’s fully digital DK Bank, the system enables travellers with Binance accounts to enjoy a seamless, end-to-end crypto-powered journey. More than 100 local merchants, from hotels and tour operators to small roadside vendors in remote villages, are already live on the system.

“This is more than a payment solution — it’s a commitment to innovation, inclusion, and convenience,” said Damcho Rinzin, Director of the Department of Tourism, Bhutan.

“It enables a seamless experience for travellers and empowers even small vendors in remote villages to participate in the tourism economy.”

Using supported cryptocurrencies, tourists can now pay for nearly every part of their trip, including airline tickets, visas, the Sustainable Development Fee (SDF), hotel stays, monument entry fees, local guides, and shopping, all through secure static and dynamic QR code payments.

Binance CEO Richard Teng praised the move, saying: “We are excited to partner with Bhutan as we are not only advancing the use of cryptocurrencies in travel but also setting a precedent for how technology can bridge cultures and economies. This initiative exemplifies our commitment to innovation and our belief in a future where digital finance empowers global connectivity and enriches travel experiences.”

Known as the “Kingdom of Happiness,” Bhutan has long prioritised Gross National Happiness over GDP, with a strong focus on sustainability, cultural preservation, and societal well-being. The new system aligns with these values by reducing payment friction and bringing financial inclusion to local communities.

Among the key features of the system:

Seamless Experience: Tourists can pay with crypto for all travel-related expenses.
Inclusive Reach: Small vendors, even in remote areas, can accept QR code payments.
Lower Fees: Transactions cost significantly less than traditional payment methods.
Comprehensive Support: More than 100 cryptocurrencies supported, including BNB, BTC, and USDC.
Secure and Instant: Real-time confirmations, 2FA, and encrypted transactions via the Binance app.

Behind the local settlement mechanism is DK Bank, Bhutan’s first fully digital bank. Licensed by the Royal Monetary Authority of Bhutan, it aims to deliver accessible financial services to all, including marginalised and unbanked communities.

The launch is being hailed as a bold step forward in integrating digital finance with global tourism — one that could set the benchmark for other nations looking to modernise the travel experience while empowering their local economies.

Profits up for Australia’s biggest home loan lender

Commonwealth Bank CEO says Australia’s strong banking system placed the economy in a good position to weather domestic and global challenges

Bhutan is pioneering a new frontier in travel by allowing tourists to pay for flights, visas, hotels and even fruit stalls using cryptocurrency via Binance Pay.