The Commonwealth Bank is making eye-watering income because it cuts money withdrawals and raises charges for mortgagees

The Commonwealth Bank has made a $10 billion revenue after reducing money withdrawals at some branches and elevating mortgage charges 12 occasions in simply over a 12 months.

Australia’s largest lender noticed its money revenue rise by six per cent within the 12 months to June 30.

Despite an financial slowdown, the Commonwealth Bank’s $10.164 billion web revenue coincided with the rollout of extra cashless branches refusing to hold out banknote transactions.

Teller money transactions will not be accessible at branches, together with Commonwealth Bank Place in central Sydney, in addition to close by South Eveleigh, Barangaroo, Penrith and University of Sydney, which the financial institution now refers to as ‘specialised centres’.

This got here after the Reserve Bank of Australia raised rates of interest by one other quarter of a proportion level in June to an 11-year excessive of 4.1 p.c, its twelfth hike in 13 months.

A borrower with a median mortgage of $600,000 has seen their month-to-month funds enhance by 64 p.c to $3,789 since May 2022, up from $2,306, as variable mortgage charges have risen from 2.29 p.c to six.49 p.c.

The Commonwealth Bank has made a $10bn revenue after reducing money withdrawals and elevating mortgage charges 12 occasions in simply over a 12 months (pictured is a department in Melbourne’s metropolis centre)

Outside of RBA strikes, the Commonwealth Bank has additionally elevated variable mortgages, attacking new prospects.

Even earlier than the newest earnings announcement, Commonwealth Bank CEO Matt Comyn had a $6.968 million compensation bundle, however that is anticipated to extend.

“It’s been an increasingly challenging period for our customers, who are facing a rising cost of living,” he mentioned Wednesday.

Even earlier than the newest earnings announcement, Commonwealth Bank CEO Matt Comyn had a $6.968 million pay bundle, however that is anticipated to extend