Commonwealth Bank’s cash profits in its first quarter rose 2 per cent to $2.6 billion, as the banking giant reported stronger momentum in its massive mortgage and deposit portfolios, alongside growth in business banking.

A trading update from CBA on Tuesday said its unaudited profits for the three months to September were 2 per cent higher than the same period last year, as operating income rose 3 per cent on the back of loan and deposit growth.

Commonwealth Bank chief executive Matt Comyn said households and businesses had felt some relief from the decline in interest rates this year. Credit: Glenn Campbell

CBA said it had grown its home loan book by $9.3 billion in the quarter, slightly more than the industry average, while it hoovered up an extra $17.8 billion in household deposi

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