Why it matters: CBA has posted a record profit, but margins are decreasing.
CEO Matt Comyn says the profits will help it borrowers through the downturn.
He said younger customers are doing it tougher with higher interest rates.
One investor said: “if you are below 35, you are getting seriously hammered”
Commonwealth Bank chief executive Matt Comyn has defended the bank’s record $10.2 billion annual profit against claims of profiteering, saying it will fortify the balance sheet to support struggling borrowers.
Mr Comyn declared that “strong and stable banks benefit all Australians” and warned against measures such as the 40 per cent bank tax proposed on Tuesday by Italy’s right-wing government, as the Greens demanded on Wednesday that the Albanese government implement a super profits tax.
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Lucas Baird is a journalist based in The Australian Financial Review's Sydney office. Connect with Lucas on Twitter. Email Lucas at lucas.baird@afr.com
James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
Phillip Coorey is the political editor based in Canberra. He is a two-time winner of the Paul Lyneham award for press gallery excellence. Connect with Phillip on Facebook and Twitter. Email Phillip at pcoorey@afr.com
