CBA (ASX:CBA) Chairman says Australia's largest bank has a resilient balance sheet

Company News

by Anna Napoli

CBA Chairman says Australia’s largest bank has a resilient balance sheet
CBA Chairman Catherine Livingstone says Australia’s largest bank has a resilient balance sheet noting the year ahead will involve challenges and uncertainty. She says the Bank faces this environment in a strong position.
For CBA, the six months to June included providing repayment deferral relief on more than 250,000 personal, business and home loans, helping businesses to access JobKeeper, and advancing more than half of all new lending under the Government’s Coronavirus SME Guarantee Scheme.
Her comments came in a speech to the bank’s online annual general meeting this morning.
But the nation’s largest lender is bracing for a protest vote against a contentious $1.6 million equity grant to chief executive Matt Comyn. The measure is expected to be passed by investors.
Shares in CBA (ASX:CBA) are trading 2.2 per cent higher at $70.10.
iSelect posts bumped first quarter earnings
Comparison website iSelect (ASX:ISU) first quarter earnings (EBITDA) have jumped to $8.1 million compared to $1.7 million for the year earlier period.
The company says the deferral of the health insurance annual premium rise from 1st April 2020 to 1st October 2020 did result in an increase in demand during September.
The company has also promoted its chief marketing and commercial officer Warren Hebard to chief executive. He replaces Brodie Arnhold who was appointed interim CEO in April 2018, following the resignation of Scott Wilson.
The trail asset cash flows continue to perform in line with expectation and the Working Capital outflow from Trail seen in previous years continues to narrow.
Shares in iSelect (ASX:ISU) last traded at 34 cents.

CBA (ASX:CBA) Chairman Catherine Livingstone says Australia’s largest bank has a resilient balance sheet noting the year ahead will involve challenges and uncertainty. She says the Bank faces this environment in a strong position. 

For CBA, the six months to June included providing repayment deferral relief on more than 250,000 personal, business and home loans, helping businesses to access JobKeeper, and advancing more than half of all new lending under the Government’s Coronavirus SME Guarantee Scheme.

Her comments came in a speech to the bank’s online annual general meeting this morning.

But the nation’s largest lender is bracing for a protest vote against a contentious $1.6 million equity grant to chief executive Matt Comyn. The measure is expected to be passed by investors.

Shares in CBA (ASX:CBA) are trading 2.2 per cent higher at $70.10.