Companies

Aug 13, 2014

Recent bad news, but CommBank still making money hand over fist

The Commonwealth Bank appears to have successfully weathered recent storms, with today's accounts confirming it remains an impregnable money-making machine.

Paddy Manning

Crikey business editor

Never mind that earnings growth all but stopped in the last six months, never mind a scandal in its financial planning division, never mind a second-half blowout in impaired business and private banking loans … today’s Commonwealth Bank accounts confirm it is an impregnable money-making machine, delivering another record profit of $8.7 billion in 2013-14, up 12% on the previous year, despite a drop in overall revenue.

4 comments

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4 thoughts on “Recent bad news, but CommBank still making money hand over fist

  1. Bento

    “when a bank has $705 billion in loans out, revenues of $44 billion, and a profit of almost $9 billion with costs falling, it is hard to conceive of a threat to its business.”

    Hard to conceive? You have no imagination! Digital innovation and technology breeding never before seen competition. Simply must lead to mass defections from the big 4. As long as the regulators allow it and stop propping up their mates. These competitors will deliver a no nonsense product without the baggage of a failing branch network and so many corrupt employees. The biggest and the slowest will be the hardest hit, as they will see it coming, but won’t know how to react!

  2. CML

    If CBA and the other members of the ‘big 4’ are ripping off the public to that extent, then its time for a new ‘People’s Bank’.
    We need to start again, with a new government owned ‘Commonwealth Bank’. That should slow down the sharks a bit!!

  3. The Pav

    It is hard to believe that a loss of over $250M that is likely under the planning scandal is not matertial. Why aren’t the ASX/ASIC holding the directors to account

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