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CBA warns of higher bad debt charges and shares slump after placement debacle
Commonwealth Bank of Australia, which owns ASB in New Zealand and is led by former Air NZ and ASB CEO Ralph Norris, confirmed it expected bad debt charges to rise to around A$2.5 billion in the current financial year, accelerating a sharp fall in its share price yesterday after its on again-off again share issue debacle damaged investor confidence. CBA's shares closed down almost 10%.
Commonwealth Bank said the new forecast was well above its previous forecast for up to A$2.1 billion and above the analyst consensus of A$2.023 billion. The new forecast included a A$365 million write-off for ABC Learning Hybrid Notes in the current year.
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