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CBA boss: Royal commission ‘unquestionably’ caused ‘reputation damage’

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A series of scandals uncovered at the banking royal commission has pushed profits lower for one major financial institution.

The CBA saw its annual profit tumble by almost five per cent to a little over $9 billion.

It takes into account compensation and legal fees associated with the commission.

New CBA boss Matt Comyn says the bank is resilient, learning from its past mistakes.

He tells Ross Greenwood “we’ve had a very good year”.

“Which is probably a good indicator of customers still wanting and choosing to bank with us but we don’t take that for granted for one moment.”

Mr Comyn says the revelations made by the commission have “unquestionably” caused “reputation damage to the bank”.

“It’s up to us to make sure they never happen again, particularly me and my leadership team to get to the root cause of those issues.

“We need to make sure we never come back to the position we’ve found ourselves in over the last 12 months.”

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On the Greens radical new plan to break up the banks, Mr Comyn says he’s unsure it will “strike the right balance”.

“I’m not sure that’s really going to strike the right balance between competition… but also balancing the stability and the fundamental role of the banking system which is also to facilitate economic growth in Australia.”