Ross Greenwood grills Comm Bank CEO following scathing Royal Commission report
The Commonwealth Bank’s half-year result has come in at $4.7 billion dollars.
It’s an increase in cash profit of just under two per cent over the past six months.
The announcement comes just days after a scathing report into the conduct of the banks and the financial sector at large.
Ross Greenwood asks CEO Matt Comyn how consumers can have faith in the CBA to put them ahead of profits.
Mr Comyn said there are various things the bank does for customers that are adverse to its bottom line.
“We alert customers… telling them exactly when their home loan, personal loan, credit card payments are due,” Mr Comyn said.
“We’re ensuring they’re not paying any unnecessary fees and charges.
“We’ve seen a direct reduction in our income as a result of that.”
Mr Comyn admitted the bank became “complacent” on the back of decades of economic growth.
“There were a number of very serious failures that were identified,” he said.
“I’m not for a moment stepping away from that.
“Since the Royal Commission recommendations have come out, that’s exactly what we’re focussed on doing: implement those, and being able to demonstrate that we’re a better bank for our customers.”
Mr Comyn said the Royal Commission has damaged the bank’s reputation and consumer trust.
“I don’t underestimate the change that’s required.”
Click PLAY for the full interview
Photo: Joel Carrett