Commonwealth Bank Of Australia · ASX:CBA
Commonwealth Bank Of Australia — Debt Investor Presentation (February 2026)
61 slides from Commonwealth Bank Of Australia's debt investor presentation, Feb 11, 2026
Slide 1: Fixed Income Investor Discussion Pack
Fixed Income Investor Discussion Pack For the half year ended 31 December 2025 Commonwealth Bank of Australia
Slide 2: Important information
Important information The material in this presentation is general background information about the Group and its activities current as at the date of this presentation, 11 February 2026. It is information given in summary form and does not purport to be complete. It is intended to be read by a prof
Slide 3: The Australian economy
The Australian economy Australian economy growing around its speed limit and inflation is too high RBA is hiking interest rates again1 As inflation is too high1 With the economy growing at its limit2 RBA cash rate Annual growth in inflation Annual growth in GDP % % % 5 9 15 7 Trimmed Mean CPI Potent
Slide 4: The Australian economy: households saving and spending
The Australian economy Australian households are saving and spending All measures of consumer spending has lifted1 As real household disposable income growth rises1 Housing debt servicing costs moderate2 Nominal household spending annual growth Real household disposable income index and trend Share
Slide 5: Households driving a growth rebound
Households driving a growth rebound Shift in economic demand from public sector to households Spend up across age cohorts1 Household demand now Housing costs driving CPI3 Spending growth, YoY driving growth Contribution to CPI, YoY Oct – Dec 25 Contribution to GDP growth, YoY2 Oct – Dec 24 GDP growt
Slide 6: The Australian economy: capacity constraints
The Australian economy Capacity constraints evident with unemployment rate holding steady, large investment pipelines Half of prices rising by more than 3%1 Labour market still tight1 Wages growth above 3% still2 Share of CPI basket Unemployment rate Annual wages growth by CBA and ABS % % % 80 8 Sha
Slide 7: Housing sector
Housing sector Home prices rose strongly in 2025 on demand and lower interest rates National home price growth rising again1 Some improvement in housing supply2 New lending just off its recent highs2 Dwelling prices (8 capital cities) Annual total of housing approvals and completions Housing loan ap
Slide 8: Key Australian economic indicators
Key Australian economic indicators 1 (Dec CY) GDP % Headline CPI % Unemployment rate % Calendar year average Year on year, December quarter December quarter average GDP Nominal GDP 4.0 3.6 4.4 4.4 3.2 2.3 2.1 5.6 4.7 2.4 2.6 4.2 2.1 1.9 4.5 4.1 3.7 4.0 1.0 3.9 2023 2024 2025 2026 2027 2023 2024 2025
Slide 9: Key New Zealand economic indicators
Key New Zealand economic indicators (December C Y) 1 GDP % CPI % Unemployment rate % Calendar year average Year on year, December quarter December quarter average 4.7 5.1 5.4 5.0 GDP Nominal GDP 4.6 3.1 4.0 7.0 2.7 5.1 4.8 2.2 2.2 2.8 2.8 3.6 4.2 2.2 0.5 (0.3) 2023 2024 2025 2026 2027 2023 2024 2025
Slide 10: Summary
Summary
Slide 11: Why CBA?
Why CBA? Leading franchise – strong balance sheet settings – supports sustainable shareholder returns Retail MFI share1 Home lending share2 Household deposits share3 Business MFI share1 Nearest peer 42.1% 41.8% 14.1% 12.9% 33.5% 18-24 25-34 years years 24.6% 26.6% 26.9% 19.9% 20.7% 18.8% 18.5% 15.9%
Slide 12: Franchise strength
Franchise strength Building stronger, deeper customer relationships – strengthening long - term franchise Retail Retail MFI share1 Retail transaction accounts2 Home lending4 Home loans with a transaction account Dec 25 #1 vs Dec 24 +5% vs Dec 24 +7% 622 33.5% 11.4 12.0 452 584 >97% 15.9% m 8.9 $bn 1
Slide 13: Supporting our customers and communities
Supporting our customers and communities Delivering better outcomes • Supporting our customers with ongoing cost-of-living pressures • Provided more than 63,000 tailored payment arrangements for customers most in need of support1 Supporting • Helped our customers buy more than 79,000 homes2 and prov
Slide 14: Financials
Financials 1 Cash NPAT up 6 % – strong operational performance, disciplined growth, investment in the franchise Operating income Operating expenses2 Pre-provision profit Cash NPAT Strong volume growth with broadly Inflation and investment Higher operating income and Flat loan stable underlying margi
Slide 15: Balance sheet strength
Balance sheet strength Long - term, conservative approach – well placed for a range of scenarios Deposit funding Long-term funding Liquid assets2 Capital % of total funding Weighted average maturity1, yrs Average3, $bn CET1 ratio, Level 2 79% 5.2yrs $199bn 12.3%6 5.4 73% 11.7%5 10.25% 57% 140 APRA 3
Slide 16: Credit risk
Credit risk Impairment expense remains low – improving arrears, lower corporate TNPE – sound credit quality Loan impairment expense Arrears2 Troublesome & non-performing exposures3 Loan loss rate, bpts1 90+ days Corporate, $bn 1H25 2H25 1H26 Home loans Personal loans Credit cards % of TCE: 0.80% 1.1
Slide 17: Provisioning
Provisioning 1 Strong provision coverage maintained – elevated geopolitical tensions and global macroeconomic uncertainty Total credit provisions Provisions and scenarios Dec 25 TP/CRWA: 1.29% 1.60%2 1.55%2 8.5 $6.3bn $6.3bn 6.4 4.8 ~$2.8bn above 3.3 3.3 Corporate 3.6 central scenario 3.1 3.0 Consum
Slide 18: Funding, liquidity & capital
Funding, liquidity & capital
Slide 19: Funding overview
Funding overview Long - term conservative funding settings maintained Funding composition Wholesale funding2 Funding profile % of total funding Long-term as % of total wholesale funding $bn 1H26 Maturity4 68% 69% 68% Issuance Short-term 8% 7% 7% wholesale1 24% 15% 15% 14% 38 Long-term 43% 31 29 19%
Slide 20: Deposit funding
Deposit funding Highest share of customer deposits in Australia – 79% deposit funded Customer deposits vs peers1 Customer deposits by segment4,5 $bn $bn 909 956 % of total funding 70% 79% 874 105 109 12% ASB & Other 101 159 161 17% 6.5 yr IB&M 149 CAGR 956 243 25% 2% 749 723 BB 220 230 581 207 658 1
Slide 21: Balance sheet composition
Balance sheet composition 1 CBA has stable, high - quality assets and conservative funding settings Europe2 US3 CBA Assets – CBA has a stable, high-quality asset profile: • High proportion of well-secured home lending assets Assets Liab + Equity Assets Liab + Equity Assets Liab + Equity • Very low p
Slide 22: Wholesale funding
Wholesale funding Wholesale funding diversified across differing products, currencies and tenor Portfolio mix Short-term funding by product1,3 Dec 25 32% 68% Short-term funding 1 Certificates of deposits 52% 2 Jun 25 31% 69% Long-term funding Commercial paper 36% Dec 24 32% 68% MTN 12% Jun 24 34% 66
Slide 23: Total Capital
Total Capital Well placed to meet APRA revised capital framework effective 1 Jan 2027 • Total Capital ratio of 20.6% as at 31 Dec 25, $12.0bn above 1 Jan 26 requirement of 18.25%. • As at 31 Dec 25, Tier 2 was 6.8%. CBA is well positioned to meet APRA requirements under the revised capital framework
Slide 24: Additional Tier 1 Capital
Additional Tier 1 Capital APRA finalised consequential amendments to phase out AT1 Capital effective 1 Jan 2027 APRA Requirements • On 4 Dec 2025, APRA finalised the consequential amendments to bank prudential framework to phase out Additional Tier 1 Capital (AT1) Total Capital Changes instruments •
Slide 25: Capital – regulatory changes
Capital – regulatory changes A number of regulatory changes in progress Change Implementation Details APS 117 (1 Oct • Non-traded: The final revised APS 117 aims to standardise aspects of the calculation of IRRBB capital to reduce volatility over time and Market Risk 2025) variations between ADIs. T
Slide 26: CET1 – International
CET1 – International APRA’s capital framework is more conservative than Basel framework CET1 International adjustments1 Level 2 Definition of Risk weighting equity investments, deferred tax assets, capitalised expenses which are fully deducted from CET1 1.4% capital under APRA rules 18.3% IRRBB 1.1%
Slide 27: Financial overview
Financial overview
Slide 28: Overview – 1H26 result
Overview – 1H26 result 1 Key outcomes summary Financial Balance sheet, capital & funding Statutory NPAT ($m) 5,412 +5.3% Capital – CET12,5 (Int’l) 18.3% (50bpts) Cash NPAT ($m) 5,445 +6.1% Capital – CET12 (APRA) 12.3% +10bpts ROE (cash) 13.8% +10bpts Total assets ($bn) +7.7% 1,409 EPS cents (cash) 3
Slide 29: Sequential half operating income
Sequential half operating income 1 Higher income achieved through disciplined franchise growth – slightly lower margin excluding liquids & repos • Margin excl. liquids & repos2 (1bpt) • Recognition of a milestone payment in relation to • Average lending volume growth +3.4% the sale of CommInsure Gen
Slide 30: Group margin
Group margin Lower margin largely due to growth in liquids and repos Minimal impact on earnings (3) (2) 1 1 (1) 208 - 204 Increase in liquid assets1 (2) Deposits growing Increase in institutional (1) faster than lending repos1 Home loan pricing bpts 2H25 Liquids & Asset Funding Portfolio Replicating
Slide 31: Sequential half operating expenses
Sequential half operating expenses 1 Inflation driving higher sequential expense growth – investments largely offset by productivity Underlying cost to income 45.2% 44.7% Contribution to mvt: +3.6% +1.7% +0.8% (0.7%) (1.9%) +3.5% 108 49 (42) (125) 236 6,720 6,494 • Higher cloud consumption and Cumul
Slide 32: Cost approach
Cost approach Continued investment in infrastructure, modernisation and AI - mix shift towards productivity and growth Cost reduction Investment spend Cumulative savings1 Examples Capitalised software ($bn) 2.8 Continued investment in 1.9 1.9 2.1 2.6 1.8 1.7 • AI-powered messaging solutions modernis
Slide 33: Investment spend
Investment spend Continued investment in technology to accelerate infrastructure refresh and enhance AI capability Investment spend Delivered in 1H26 Gross spend Focus of increased investment $bn • Migration of Core Banking to Cloud – one of the largest and fastest migrations globally 2.4 Accelerate
Slide 34: Leading in technology and AI
Leading in technology and AI Reimagining banking using our world - class data, AI and analytics platform The evolution of AI at CBA 2015–2020 2021–2022 2023 2024 2025 2026+ • Customer Engagement • CommBank.ai established • Established Gen.ai Studio • GenAI powered • Accelerated investment to • #1 AP
Slide 35: Capital
Capital 1 Strong capital position supporting franchise growth and dividends Movements in bpts Level 1 12.2% +12.3% (87) 107 (33) 9 12.3% 10.25% Credit Risk4 (34) APRA minimum5 Operational Risk (9) Market Risk (1) IRRBB 11 3 Jun 25 2H25 dividend 2 Cash NPAT RWA Other Dec 25 Level 2 (DRP neutralised)
Slide 36: Loan losses
Loan losses Loan impairment expense remains low Loan loss rate1 Loan loss rate by business unit1,2 bpts bpts 7 8 6 16 13 4 Consumer Corporate 3 6 7 1H25 1H26 1H25 2H25 1H26 41 33 25 17 76 21 20 19 50 43 16 16 15 15 16 12 8 7 24 23 20 7 9 7 6 6 6 13 11 8 10 14 15 4 3 2 3 26 19 18 18 18 18 18 26 16 4
Slide 37: Balance sheet
Balance sheet 1,2 Disciplined volume growth Group lending Dec 25 vs Dec 25 vs $bn Dec 24 Jun 25 Dec 25 Jun 25 Dec 24 +7.3% Home loans 685.3 707.9 730.2 3.2% 6.6% +3.3% Consumer finance 0.8% 2.1% 16.9 17.1 17.2 Business loans3 183.8 194.6 201.6 3.6% 9.7% 1,013.3 1,046.4 974.8 Institutional loans 88.9
Slide 38: Market share
Market share 1 Disciplined approach – strong market share % Dec 24 Jun 25 Dec 25 Home lending2,9 Household deposits3,9 Home loans – RBA2 24.6 24.6 24.6 CBA Peers CBA Peers Break in series Break in series Home loans – APRA3 25.4 25.3 25.4 40% Break in series from Jun 21 40% Break in series from Jun 2
Slide 39: Business & corporate lending
Business & corporate lending
Slide 40: Total committed exposure
Total committed exposure 1,2 Key sectors of interest TCE ($bn) TNPE ($bn) TNPE % of TCE Provisions % of TCE Dec 24 Jun 25 Dec 25 Dec 24 Jun 25 Dec 25 Dec 24 Jun 25 Dec 25 Dec 24 Jun 25 Dec 25 Government Administration & Defence 175.6 185.4 200.5 0.0 0.0 0.0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Finance & In
Slide 41: Finance & Insurance
Finance & Insurance Strong credit quality, diversified products • The Finance & Insurance sector showed resilient performance, supported by stable Group exposure Dec 24 demand for banking and insurance services, despite ongoing cost, regulatory, and Jun 25 Dec 25 market volatility pressures. 111.2 1
Slide 42: Commercial Property
Commercial Property Diversified and well - secured portfolio - market conditions improving - TNPE lower • Commercial property market conditions have continued to improve with development Group exposure Dec 24 Jun 25 activity increasing. 112.9 Dec 25 105.4 • Over the half, exposure grew 7.2%. Growth
Slide 43: Agriculture & Forestry
Agriculture & Forestry Stable and well - secured portfolio • The Agricultural sector remains resilient, supported by strong livestock prices Group exposure Dec 24 Jun 25 and stable farm values, though domestic grain prices have trended sideways 33.6 35.0 35.0 Dec 25 to lower given strong domestic an
Slide 44: Entertainment, Leisure & Tourism
Entertainment, Leisure & Tourism Consumer appetite for experiences remains robust • CommBank Household Spending Insights Index shows resilience across Group exposure Dec 24 Jun 25 essential and discretionary spend. 22.4 Dec 25 20.1 20.7 • Hospitality spending increased 7.1% over the 12 months to Dec
Slide 45: Wholesale Trade
Wholesale Trade Moderate growth constrained by cost pressures • Wholesale trade continues to face volatile freight costs and supply chain Group exposure Dec 24 33.0 Jun 25 disruption given heightened geopolitical risks and port congestion. 30.4 Dec 25 27.8 • Rising labour and insurance costs are squ
Slide 46: Retail Trade
Retail Trade Cautious recovery amid easing cost pressures • Household spending has stabilised, with modest growth in discretionary Group exposure Dec 24 Jun 25 categories as consumer confidence improves post interest rate cuts. 24.7 22.8 Dec 25 21.5 • Growth in household disposable income and steady
Slide 47: Construction
Construction Construction continues to recover from difficult conditions • Optimism is returning to the Construction sector, driven by demand in Group exposure Dec 24 Jun 25 housing, renewable energy and infrastructure. This is evidenced by 15.3 16.0 Dec 25 14.9 14.2 increased tender activity, pipel
Slide 48: Home & consumer lending
Home & consumer lending
Slide 49: Home loans – CBA
Home loans – CBA 1 A disciplined approach to portfolio quality, growth and sustainable returns Portfolio1 Dec 24 Jun 25 Dec 25 New business1 Dec 24 Jun 25 Dec 25 Total balances – spot ($bn) 616 634 659 Total funding ($bn)9 87 85 105 Average funding size ($’000)10 490 490 522 Total balances – average
Slide 50: Home loans – overview
Home loans – overview Disciplined strategic and operational execution, targeted growth – focus on sustainable returns Consistent market share performance1 Fundings weighted towards proprietary distribution 25% 25% Fundings mix2 Fundings mix2 Fundings mix3 1% 1% Proprietary 22% 1% Fixed originated ho
Slide 51: Home loans – serviceability assessment
Home loans – serviceability assessment 1 93% of the book originated under tightened standards since FY16 Key serviceability changes by year2 New loan assessment (from FY16)3 • Increased serviceability buffer and buffers on existing debts • Removed Low doc and EQFS products • All income used in appli
Slide 52: Home loans – borrowing capacity
Home loans – borrowing capacity 1 Improved borrowing capacity from lower interest rates Borrowing capacity2 % of applicants with Application gross income band6 Change in maximum borrowing capacity2 – indexed Dec 16 additional capacity to borrow3 6 months to Dec 25 – Funding $ 89% 90% 90% Owner occup
Slide 53: Home loans – savings and repayment buffers
Home loans – savings and repayment buffers Higher savings and repayment buffers Repayment buffers1 Payments on time1 % of accounts % of accounts Residual 85% 87% 81% Dec 24 Structural: e.g. fixed rate loans % customers Jun 25 New accounts: <1 year on book in advance2 Dec 25 Investment loans: negativ
Slide 54: Home loans – portfolio DLVR
Home loans – portfolio DLVR 1 Portfolio DLVR of 41% – supported by strong house price growth Dynamic LVR bands2 Average dynamic LVR3 Dec 24 Negative equity4 Jun 25 % of total portfolio balances Dec 25 Proportion of balances in negative equity Dec 24 42% 80% • 75% of customers ahead of repayments 70%
Slide 55: Home loans – non-performing loans, losses & insurance
Home loans – non- performing loans, losses & insurance 1 Non - performing home loans moderating with improved arrears trends – portfolio largely well - secured Australian non-performing home loans2 Australian non-performing, not well-secured home loans2,3 Non-performing home loans have moderated fol
Slide 56: Home loans – arrears (90+ days)
Home loans – arrears (90+ days) Arrears moderating as cost - of- living pressures continue to ease Portfolio Product Repayment and interest type 90+ days Group 90+ days1 Owner occupied 90+ days1 Principal & interest Variable BWA Investment Interest only Portfolio 1.0% ASB 1.0% 1.0% Fixed2 CBA 0.8% 0
Slide 57: Consumer finance – arrears
Consumer finance – arrears 1 Arrears moderating – Bankwest personal loan portfolio in run - off 2 Credit cards Portfolio Group Portfolio By year Group 2020 Group 30+ days BWA Group 90+ days Group 90+ days 2021 BWA ASB 2.5% 2022 6.0% ASB 1.5% CBA 2023 2.0% CBA 2024 4.0% 1.0% 2025 1.5% 1.0% 2.0% 0.5%
Slide 58: Sources, glossary & notes
Sources, glossary & notes
Slide 59: Sources and notes
Sources and notes Slide 12 1. Refer to glossary at the back of this presentation for further details. 2. Total retail transaction accounts, excluding offset accounts. Includes Bankwest. 3. Source: APRA Monthly Authorised Deposit-taking Institution Statistics (MADIS). 4. Source: RBA Lending and Credi
Slide 60: Sources and notes
Sources and notes Slide 34 1. Data source: Customer Engagement Engine Reporting. 2. Evident AI Index 2023 published by Evident Insights Index, October 2023. 3. Evident AI Index 2024 published by Evident Insights Index, October 2024. 4. Evident AI Index 2025 published by Evident Insights Index, Octob
Slide 61: Glossary
Glossary Term Description Term Description Cash Profit The Profit Announcement (PA) discloses the net profit after tax on both a statutory and cash basis. The statutory basis is NPS – Consumer RFI Global Atlas Consumer MFI NPS. Based on Australian population aged 14+ years old rating their likelihoo
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