The Commonwealth Bank chief executive’s pay out was largely due to a long-term $5.5 million bonus finally vesting in the last financial year.
This was because his long-term bonus from 2019 finally vested.But his pay-packet is still short of what the bank paid his predecessor in 2016.
The banker qualified for 100 per cent of the bonuses first outlined in 2019, requiring him to meet fixed performance hurdles over the past four financial years. “As the board monitored executives’ performance during the financial year, it became apparent that rapidly changing macroeconomic factors, in particular central bank interest rate increases, differed from our assumptions at the start of the year,” Mr Moutter said in a letter to investors.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Commonwealth Bank announces major $10,000 change.CommBank has announced a major change to certain payments, in an effort to reduce scams. 7NEWS
Read more »
Commonwealth Bank posts record $10.2 billion profitThe Commonwealth Bank has posted a record full-year profit of $10.2 billion, flagging that it recognises it has been a "challenging period" for customers.
Read more »
‘Good outcome’: Commonwealth Bank posts 2.07 per cent net interest marginCommSec’s Tom Piotrowski says Commonwealth Bank posted a record full year cash profit of $10.16 billion which was up by six per cent and a net interest margin of 2.07 per cent. “The important metrics that the markets are quite focused on at the moment … are things like the net interest margins,” Mr Piotrowski told Sky News Australia. “The net interest margin came in at 2.07 per cent for the full year, so that was a good outcome.” Presented by CommSec.
Read more »
Commonwealth Bank posts record $10 billion profit amid interest rate risesNew figures have revealed Australia's largest lender reported a five per cent increase in full-year net profit after tax to $10.2 billion.
Read more »
CBA posts $10.2b profit, margins slidingCommonwealth Bank has lifted its cash profits to $10.16 billion – in line with expectations – for the full year and reported a net interest margin of 2.05 per cent for the second half, down 5 basis points on the half year.
Read more »