Commonwealth Bank cash profit drops 4.8% to $9.2 billion

8 August 2018

Commonwealth Bank cash profit drops 4.8% to $9.2 billion

The Commonwealth Bank of Australia (CBA) posted annual cash profits of $9.23 billion for the last financial year, a drop of 4.8% compared to the previous financial year.

The drop was mostly a consequence of the record $700 million penalty paid to Australian Transaction Reports and Analysis Centre, after the bank admitted to 53,700 violations of anti-money laundering and counter-terrorism funding legislation.

CBA also paid $155 million in costs relating to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

In an interview, Chief Executive Matt Comyn described the last 12 months as “difficult” for the bank, but remained confident.

“We got some things wrong. We have made mistakes,” Mr Comyn admitted.

“We absolutely need to make sure we do not make them again. And a big part of my job of course is making sure we are a simpler and better bank for our customers, working closely with any customers who have not had a good experience, but most importantly making sure that those sorts of issues do not recur.

“Ultimately it is going to be something that our customers need to decide, and I am very comfortable, and feel very accountable, for ensuring that we deliver great experience and outcomes for our customers over the long term.”