CommBank’s record $10b profit could’ve been bigger: CEO
The largest bank in Australia is positioned for a stronger growth in the next decade and bets on artificial intelligence to protect customers from fraud and facilitate operations.
Commonwealth Bank recorded a record profit of 10.1 billion dollars until June 30, but General Manager Matt Comyn said the result could be even better.
“If we want to give a stronger result, there are a few things we can do,” he said to the shareholders on Wednesday.
“We were able to benefit from AI’s ability… We wanted to increase the speed of this, so we put additional investments.”
While Mr. Comyn focuses on the future, investors may be more interested in the current valuation of heavy stock.
The most valuable company in ASX, the shares in the bank fell to the profit announcement for the first time below $ 170.
AI was used in code reviews, chatbots in mobile application and to warn customers against suspicious operations and frauds.
Technology helped the bank send 10 times more warning customers through the banking application.
While the reported $ 880 million deception is prevented, the company also uses AI to confront the briefs on voice calls and WhatsApp chats.
Technology investment in the fighting and scam event, $ 900 million of $ 12.9 billion of operating costs.
“It is really important to use it from a threat perspective, Comy said Comyn said that cyber attacks were increasing and sophisticated.
The Bank also announced that AI Pioneer Openai will be a strategic banking partner in Australia.
The agreement will provide Commonwealth Bank employees access to Openai’s advanced AI vehicles and training, and in recent months, the New York Bank and the UK -based Natwest Group will follow similar partnerships.
When Mr. Comyn had an impact on employment on employment, Mr. Comyn took care of the “cost opportunities ,, instead emphasized the opportunity to use AI tools to do a better and more effective job of employees.
“In the long run, yes, you can imagine that there are much more effective ways to present some things we have done right now,” he said.
The Fiscal Sector Association described the bank’s profit result as “obscene ve and the national secretary Julia Angrisano lambed its efforts to automate the labor force and be at sea.
“This is not innovation, it costs at the expense of workers, customers and communities,” he said.
While advertising the same titles in India, the Union made a fair working commission dispute about the bank’s decision to cut 283 local technology workers.
The bank’s cash profit of 10.3 billion dollars increased by four percent in the previous financial year.
The result confirmed with expectations of $ 10.1 billion reflecting eight percent improvement.
Augmented profit was directed by the Net Interest Margin, a measure of credit-patient growth and how much money the banks earn in lending activities.
The company will pay $ 2,60 final dividends and will pay its total payment for the year to $ 4.85 per share with four percent increase compared to a year ago.
Meanwhile, the Bank’s climate plan will exclude the new thermal coal mine investment in front of zero exposure to existing thermal coal projects by 2030.
In addition, metallurgical coal will bring more requirements for project loans.
Morgan Pickett, a policy analyst of market forces, said that the movement is another nail of the coffin for coal.
“Westpac, Anz, Nab and Macquarie cannot keep their heads in the sand,” he said.
“Commank proved that the latest support is not only possible for companies that worsened climate change, but also for good work.”
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