CEO of Australia’s Largest Bank Explains Why Banks Need to Be Profitable

CEO of Australia’s Largest Bank Explains Why Banks Need to Be Profitable
Australia's Commonwealth Bank is disappointed with Victoria government’s latest decision to ban school banking from 2021 William West/AFP/Getty Images
Rebecca Zhu
Updated:
0:00

Chief executive of the Commonwealth Bank of Australia (CBA), Matt Comyn, says every country needed a strong banking system and those banks need to be profitable.

It comes after the bank announced on Aug. 9 that it had delivered a $10.2 billion profit driven by rising interest rates in its business and home loan lending.