Australian dream

Australia’s biggest bank announces a HUGE $8.65 billion profit

PHOTO: Commonwealth Bank of Australia

  • Commonwealth Bank of Australia held its AGM on Wednesday via videolink
  • CEO Matt Comyn announced  a profit of $8.65 billion for the year to June 30
  • 160k mortgage holders and 90k business loan holders have resumed payments 
  • Chair Catherine Livingstone said widespread culture changes implemented

Almost all CBA borrowers who took a loan holiday due to Covid-19 have restarted their repayments, chief executive Matt Comyn says.

At the bank’s annual general meeting, held via videolink on Wednesday, Mr Comyn said about 160,000 mortgage holders and about 90,000 business loan holders deferred their loans during the pandemic.

During the most recent outbreak, which began in June, the bank offered a three month repayment holiday for some of its small business customers, and two months for its mortgagors.

A moratorium on foreclosures has been extended until February 2022.

Commonwealth Bank of Australia CEO Matt Comyn announced a profit of 8.65 billion for the year to June 30, up almost 20 per cent on the previous year,

Commonwealth Bank of Australia CEO Matt Comyn announced a profit of $8.65 billion for the year to June 30, up almost 20 per cent on the previous year

In her speech to the AGM, bank chair Catherine Livingstone said CBA had implemented widespread changes in its culture, three years after giving an enforceable undertaking to regulator APRA.

‘We recognise that sustaining the hard-fought gains of the past three years will require a permanent commitment by the bank at all levels,’ she said.

But the insistence on cultural change comes just after allegations the bank knowingly underpaid its own staff more than $16 million, while telling them they would be better off under its pay deals.

READ MORE VIA THE DAILY MAIL

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