Commonwealth Bank chair Paul O’Malley says the nation’s biggest mortgage lender plans to defend its turf after rivals Westpac and ANZ claimed market share.
Commonwealth Bank chair Paul O’Malley has signalled it will defend its dominant position in home lending, after CBA’s flagship mortgage portfolio recently contracted amid fierce competition from rivals.
Responding to a shareholder asking how it would respond, O’Malley said this was a question that was also on the board’s mind, as he emphasised the“I’m actually going to get Matt to elaborate on the competitive response, noting that the board is also asking that question because it’s important that we maintain share,” O’Malley said.
“It’s really important for us to get all of those right to make sure that we can both support our customers and deliver sustainable returns to our shareholders,” Comyn said.CBA is one of several major Australian businesses that has supported the Voice, and several shareholders questioned the bank’s position before this weekend’s referendum.
Rival banks NAB, ANZ and Westpac will report full-year profits next month, and investors will look for any signs of rising stress in their mortgage portfolios, after the 4 percentage point increase in mortgage rates since May last year.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Heritage Bank tips Commonwealth Bank will revive the mortgage warsThe nation’s largest customer-owned bank predicted a fresh round of competition would be extremely challenging for lenders.
Read more »
CBA chairman defends the bank’s support of the VoicePaul O’Malley defended a $2 million contribution to the Yes campaign, which he said is consistent with CBA’s support of Indigenous communities.
Read more »
Commonwealth Bank to cut almost 200 jobs after record profits, union claimsCommonwealth Bank is cutting almost 200 jobs in Sydney, Melbourne and Perth, unions claim, despite posting a record full-year profit of $10.2 billion.
Read more »
Jacinta Allan knew cost of Commonwealth Games had nearly doubled months before event abandoned, inquiry hearsThe evidence presented to the inquiry into the cancellation of the Commonwealth Games casts some doubt over Jacinta Allan's claim she only knew of cost blowouts in the weeks leading up to the event being cancelled.
Read more »
Commonwealth Games bill tops $500m, but Victorian Premier Jacinta Allan won’t face parliamentary inquiryJacinta Allan will not appear before a state parliamentary probe into the cancelled event, as even more costs are revealed.
Read more »
Victorian Premier warned about Commonwealth Games cost blow-out before cancellation, inquiry hearsVictorian Premier Jacinta Allan was warned about the Commonwealth Games cost blow-out four months before its cancellation, an inquiry has heard.
Read more »