CBA chief Matt Comyn ‘optimistic’ despite global economic uncertainty

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“The war in Ukraine, while still a long way off, is having a profound impact on the global economy, including here in Australia. Many people are suffering from the sharp rise in the cost of living. We know from our interaction with customers that households and small businesses turn to us for support when they need it most,” he said.

The <a class=Australian economy is facing a number of headwinds. ” loading=”lazy” src=”https://static.ffx.io/images/$zoom_0.185%2C$multiply_0.7725%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_9/t_crop_custom/q_86%2Cf_auto/63446a4cec76be1de7497304f58db18a88fd6433″ height=”390″ width=”584″ srcset=”https://static.ffx.io/images/$zoom_0.185%2C$multiply_0.7725%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_9/t_crop_custom/q_86%2Cf_auto/63446a4cec76be1de7497304f58db18a88fd6433, https://static.ffx.io/images/$zoom_0.185%2C$multiply_1.545%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_9/t_crop_custom/q_62%2Cf_auto/63446a4cec76be1de7497304f58db18a88fd6433 2x”/>

The Australian economy is facing a number of headwinds. Credit:Kate Geraghty

O’Sullivan said the bank has made significant progress this year on its strategic priorities, which included leadership in technology, selling non-core businesses, supporting its people and improving its culture after a series of scandals in previous years.

Climate change is also a critical issue facing all banks, including the CBA, and the lender faces a shareholder resolution calling for tougher restrictions on fossil fuel lending at the annual meeting.

O’Sullivan said climate change was a key focus for the board and management, and highlighted the bank’s previously announced work to develop “glidepaths” to reduce emissions at coal, oil and gas and power generation. O’Sullivan said the lender had performed climate scenario analysis on 74% of its exposures, and he said that would inform its lending decisions.

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“As Australia‘s largest bank, we have an important role to play in supporting Australia’s transition to a net-zero emissions economy by 2050,” O’Sullivan said.

“We do this through loans that will support the transition, for example by lending more for renewable energy projects.”

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