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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Commonwealth Bank of Australia    CBA   AU000000CBA7

COMMONWEALTH BANK OF AUSTRALIA

(CBA)
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End-of-day quote. End-of-day quote Australian Stock Exchange - 01/25
85.27 AUD   +0.21%
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Commonwealth Bank of Australia : faces civil suit for overcharging interest

11/30/2020 | 09:37pm EST
FILE PHOTO: An office building with the Commonwealth Bank logo is seen in Sydney

(Reuters) - Australia's corporate regulator filed on Tuesday a civil lawsuit against Commonwealth Bank of Australia for charging customers an interest rate higher than advised over a seven-year period.

A systems error led Australia's biggest bank to overcharge interest on business overdraft accounts to a total of more than A$2.9 million ($2.13 million) between 2011 and 2018, the Australian Securities & Investments Commission (ASIC) said.

CBA "provided customers with terms and conditions for certain credit facilities that stated an interest rate to be charged or that had been charged," the regulator said in its statement, adding this was 16% a year in most cases.

However, the error saw more than 2,200 customers charged a rate more than double what should have been levied, it added.

And even after unsuccessfully trying to fix the overcharging error following a complaint in 2013, customers continued to face higher rates than stated.

CBA said it had cooperated with ASIC and did not intend to defend the proceedings.

The problems behind the error have been tackled and 2,269 customers refunded a total of A$3.74 million, the lender said in a stock exchange statement.

Between Dec 2014 and March 2018, CBA breached financial services laws 12,119 times, the regulator added. The suit stems from a case study from a Royal Commission into the industry two years ago.

(Reporting by A K Pranav and Nikhil Kurian Nainan in Bengaluru; Editing by Clarence Fernandez)


© Reuters 2020
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Financials
Sales 2021 23 392 M 17 796 M 17 796 M
Net income 2021 8 784 M 6 683 M 6 683 M
Net Debt 2021 - - -
P/E ratio 2021 18,9x
Yield 2021 3,33%
Capitalization 153 B 118 B 117 B
Capi. / Sales 2021 6,56x
Capi. / Sales 2022 6,49x
Nbr of Employees 41 778
Free-Float 99,6%
Chart COMMONWEALTH BANK OF AUSTRALIA
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Commonwealth Bank of Australia Technical Analysis Chart | CBA | AU000000CBA7 | MarketScreener
Technical analysis trends COMMONWEALTH BANK OF AUSTRALIA
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 14
Average target price 77,36 AUD
Last Close Price 86,60 AUD
Spread / Highest target 3,93%
Spread / Average Target -10,7%
Spread / Lowest Target -26,1%
EPS Revisions
Managers and Directors
NameTitle
Matthew Comyn Chief Executive Officer, Executive Director & MD
Catherine Brighid Livingstone Chairman
Alan Frank Docherty Chief Financial Officer
Pascal Boillat Chief Information Officer
Shirish Moreshwar Apte Independent Non-Executive Director