Comyn sounds alarm as rivals stretch for growth
The Commonwealth Bank boss says rival banks could be pushing too hard to expand, risking margins, asset quality and a regulatory response.
As bank results roll around, Matt Comyn rarely misses a chance to show what’s on his mind. This half-year was no exception, with the Commonwealth Bank chief hinting his biggest rivals are chasing unsustainable growth.
In an interview with Capital Brief, Comyn was quick to direct attention to slide seven of his results deck, which compares CBA with the other majors as competitive pressure intensifies.
“Part of [the slide] is trying to explain the operating context, but also some of the choices that we’ve made,” Comyn told us, stressing that returns must be sustainable.
Chief financial officer Alan Docherty struck a similar note on the analyst call, warning rival business banks are persisting with “aggressive pricing offers” while adopting a higher appetite for credit risk as they poach CBA customers.
