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.

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 deposits - which was also faster growth than the market average.

The bank said its charges for bad loans was broadly flat, with lower consumer arrears and lower charges for tro

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