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Speaker 1: Welcome to the Fear and Greed Business Interview. I'm sure, nilmam. Yesterday,

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Speaker 1: Commonwealth Bank announced a better than expected cash profit of

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Speaker 1: nine point eight billion dollars in a surprise increase to

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Speaker 1: its final dividend. Investors loved it, sending the bank's share

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Speaker 1: price up one point three percent, taking Commonwealth market capitalization

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Speaker 1: to almost two hundred and twenty three billion dollars. Now

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Speaker 1: we have something a little different today. We're working with

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Speaker 1: the team at osbiz to bring you interviews with the

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Speaker 1: leaders of some of Australia's biggest companies. Osbiz is Australia's

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Speaker 1: leading provider of live and on demand video of the

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Speaker 1: latest news in Australian business, markets, economy and startups. If

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Speaker 1: you're interested, sign up at osbiz dot com DoD au.

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Speaker 2: It's free, go for it.

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Speaker 1: Yesterday, Askednoon, David Kosh spoke with Commonwealth Bank Chief executive

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Speaker 1: Matt Common. It's a great insight into the strategy behind

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Speaker 1: the bank's results and what the Commonwealth Bank boss says

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Speaker 1: to analysts who think the stock is too expensive.

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Speaker 3: Man comment, thanks for joining us and what drove today's results?

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Speaker 3: What were the highlights from you?

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Speaker 2: Well?

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Speaker 4: Overall Our profit was slightly down over the full year,

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Speaker 4: down two percent, which was driven notwithstanding good volume growth

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Speaker 4: across all of our businesses. Margins were a bit lower,

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Speaker 4: which is a sign of the competitive intensity. Like many businesses,

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Speaker 4: our expenses were up due to inflation, but notwithstanding that

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Speaker 4: we were able to given the strong position and strong

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Speaker 4: capital holding, we were able to increase the full year

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Speaker 4: dividend to four dollars sixty five fully franked, which should

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Speaker 4: be good news for the more than thirteen million Australians

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Speaker 4: who own the Commonwealth Bank, either directly or indirectly.

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Speaker 3: Yep, absolutely, Hey, you're the most expensive bank in the

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Speaker 3: world twenty three times earnings. Your value dad almost double

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Speaker 3: the other big three banks here in Australia. Your valued

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Speaker 3: is a growth stock. Are you stune by that that

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Speaker 3: the maker puts you on such a pedestal?

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Speaker 2: Well, Koshi.

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Speaker 4: We focus obviously on the things that we can control,

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Speaker 4: which is obviously ultimately our earnings, but even within that,

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Speaker 4: we focus a lot on our customer relationships, doing a

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Speaker 4: great job for our customers every day and in the

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Speaker 4: context of the full year, how we can both support

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Speaker 4: their growth but also support our customers where the assistance

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Speaker 4: is needed across thirteen million. We've got a business at scale.

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Speaker 4: We're able to make big investments in our technology and

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Speaker 4: our customer experience, one of those that we think is

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Speaker 4: really important. In the last year, we've spent two billion

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Speaker 4: dollars with across our investment portfolio, but more than eight

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Speaker 4: hundred million dollars in protecting our customers from scams, fraud,

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Speaker 4: financial crime.

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Speaker 2: We've got four thousand people.

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Speaker 4: Working to protect our customers and the broader community. We're

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Speaker 4: lucky that we have more than one in three Australians

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Speaker 4: consider us as their main bank. One in four businesses

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Speaker 4: consider us as their main bank, so we thought we

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Speaker 4: feel very fortunate to be able to serve so many Australians.

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Speaker 4: We take that obligation really seriously and try to do

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Speaker 4: the best job we can every day. I mean, and

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Speaker 4: it's obviously up to the market in terms of how

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Speaker 4: they reward that, hopefully stability, consistency and being able to

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Speaker 4: show improvements on an ongoing basis.

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Speaker 2: Yep.

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Speaker 3: Of course you've had lots of briefings since announcing the

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Speaker 3: results this morning, including with all the banking analysts. Were

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Speaker 3: they a bit sheepish? Every every banking analysy in the

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Speaker 3: country has had a sell on Comwealth Bank's shares for

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Speaker 3: the last nine months. Did you have a chip at them?

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Speaker 4: No, we didn't look if there's one that they've got

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Speaker 4: a job to do and we absolutely respect that. I

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Speaker 4: mean as a company and a big listed company. If

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Speaker 4: an investor or an analyst in this has a sell,

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Speaker 4: but it's on valuation, it's probably about the best rating

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Speaker 4: that you can have and it's obviously up to us

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Speaker 4: to be able to continue to deliver and slightly outperform.

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Speaker 2: We beat consensus earnings today.

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Speaker 4: We think a number of the competitive advantages that we

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Speaker 4: have serve us well going into the future. We know

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Speaker 4: from talking to our investors, both large and small, how

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Speaker 4: much they value the stability and the consistency. Obviously in Australia,

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Speaker 4: given the tax system that you understand well, those fully

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Speaker 4: franked dividends are very valuable. We think that scale, customer

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Speaker 4: based technology, competitive advantage and the ability to be able

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Speaker 4: to generate a reliable fully franked dividend over the long

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Speaker 4: term means the valuation is well supported both domestically and internationally,

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Speaker 4: and it's up to us to continue to deliver that

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Speaker 4: every day and the market will value us appropriately over time.

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Speaker 2: Yep.

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Speaker 3: Let's talk home and it's basically the biggest party of

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Speaker 3: BUS US. Are you stand at how good a shape

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Speaker 3: your home loan book is in given the economic environment

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Speaker 3: the cost of living crisis.

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Speaker 4: Yes, I mean the two sites that obviously we see

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Speaker 4: clearly every day how many households are finding the circumstances

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Speaker 4: of the moment harder and harder with just higher prices

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Speaker 4: and inflation. We know that that has an effect on

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Speaker 4: everybody and particularly to lower income. We know that for

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Speaker 4: many of our customers, they certainly feel like they're having

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Speaker 4: to make real sacrifices. They are preferencing to make sure

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Speaker 4: that they're repaying their loans and from a home lending perspective,

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Speaker 4: so as you mentioned, notwithstanding the arrears whilst they're up,

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Speaker 4: so that's the proportion of customers who are behind and

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Speaker 4: their repayments they're up over the year, as we expected,

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Speaker 4: they're still against very low historic levels. But we've been

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Speaker 4: really focused on making sure we've been extremely pro active

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Speaker 4: this year in terms of reaching out to customers and

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Speaker 4: being able to help them provide financial assistance where they

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Speaker 4: need that a number of a record number of sort

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Speaker 4: of temporary repayment plans to help customers get through some

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Speaker 4: of those difficulties. And that's one of the benefits of

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Speaker 4: being large at a very strong financial institution, as we

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Speaker 4: have a lot of resources in this case financial to

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Speaker 4: be able to draw upon to support our customers against

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Speaker 4: the broader environment. But of course unemployment remains very low

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Speaker 4: and that's the biggest driver of losses in a financial institution.

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Speaker 2: But we trying to.

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Speaker 4: Make sure that we're there to help our customers whenever

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Speaker 4: they need us.

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Speaker 3: Yeah, those customers have hung in so far. How sensitive

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Speaker 3: are they to another interest rate hike or a weakening

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Speaker 3: in the economy. Are they getting towards breaking point?

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Speaker 4: Well, I think the proportion that are under real pressure,

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Speaker 4: and you can see that just in terms of even

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Speaker 4: if they're not behind on their repayments, just where people

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Speaker 4: are choosing to spend, and particularly discretionary spend. I think

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Speaker 4: a lot of households across all age bands are feeling

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Speaker 4: the impact of higher prices. I think we hear consistently

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Speaker 4: that people feel like they've got less left over, They've

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Speaker 4: got less to sort of enjoy on some of the

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Speaker 4: things they would otherwise like to so you know, with

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Speaker 4: going through a period of low economic growth GDP is

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Speaker 4: the lowest sort of thirty years.

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Speaker 2: It's still positive, but as much lower growth.

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Speaker 4: As we look forward into twenty twenty five and beyond,

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Speaker 4: we think there'll be a rebound, as does the Reserve

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Speaker 4: Bank and household income, and some of that's going to

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Speaker 4: be obviously aided by inflation coming down. So it's definitely

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Speaker 4: a difficult period. I think it's going to be challenging

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Speaker 4: for the rest of the calendar year.

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Speaker 2: I don't see a.

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Speaker 4: Rapid deterioration, but certainly we expect more and more people

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Speaker 4: just feeling that pressure for longer.

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Speaker 2: It's a difficult time.

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Speaker 4: That's reflected certainly sentiment and attitude and also just our

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Speaker 4: personal experience dealing with customers, and I'm sure you see

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Speaker 4: a lot of that as well.

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Speaker 3: Yep. Look, seventy two percent of all mortgages in Australia

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Speaker 3: are sold through brokers. At the CBA, sixty six percent

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Speaker 3: of your home loans are direct to customers only thirty

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Speaker 3: four percent three brokers. Has this been a good strategy

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Speaker 3: for the bank to build that direct link with customers

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Speaker 3: rather than through any intermediary helps you monitor the customer,

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Speaker 3: but also improves your margin.

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Speaker 4: Yes, and look, the broker channel, which has really been

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Speaker 4: growing since the mid nineties, as you know, is an

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Speaker 4: important distribution channel and will remain so for CBA into

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Speaker 4: the future. But as you said, I think, like any business,

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Speaker 4: if you can, you'd prefer to have a direct relationship.

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Speaker 4: You're dealing directly with customers. We certainly believe there's benefits

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Speaker 4: from our customers perspective and from ours. We've got a

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Speaker 4: very large what we call our proprietary lenders almost eighteen

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Speaker 4: one hundred and so. Yes, that's been a real focus

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Speaker 4: for us, and we see it as very much complementary

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Speaker 4: with how do we serve our customers and be their

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Speaker 4: main bank. How do we make sure we provide the

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Speaker 4: best experience and we also reward and value their loyalty

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Speaker 4: for banking with us.

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Speaker 3: Yeah, I love your strategies. Explain more about customer acquisition.

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Speaker 3: As you said a bit earlier, a thirty five percent

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Speaker 3: of retail bank customers BANKWETE the next biggest market share

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Speaker 3: of sixteen percent, but you managed to grab sixty four

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Speaker 3: percent of new migrants and forty six percent of young

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Speaker 3: adults bank with you. Are they deliberate strategies and have

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Speaker 3: you done it?

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Speaker 4: They definitely are and look say, that's a strategy that

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Speaker 4: we've followed now for many years and a big driver

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Speaker 4: of that is in a banking market, the two sources

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Speaker 4: of customer growth, where new customers come from people obviously

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Speaker 4: who are born and become young and ultimately adults, or

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Speaker 4: those that move into Australia, and we have different strategies

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Speaker 4: in each of those. I mean, we're very focused on migrants,

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Speaker 4: even though a number of those, of course temporary migrants,

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Speaker 4: and that's reflective record levels of migration. Being the biggest

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Speaker 4: financial institution, very well known brand, the biggest physical distribution,

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Speaker 4: known for having the best digital experience really helps us.

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Speaker 4: And as you said, it's one of the highest scores

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Speaker 4: we've ever seen in terms of a proportion of migrants

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Speaker 4: of choosing a Commonwealth Bank to be their main bank.

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Speaker 4: And then yes, trying to bank Australians who are born here,

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Speaker 4: and we focus very much on youth and making sure

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Speaker 4: we've got a really good digital proposition in particular is

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Speaker 4: very important.

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Speaker 2: And so it's a continuation.

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Speaker 4: Of that strategy, as I said, which we believe served

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Speaker 4: the bank very well and Obviously, over time we've moved

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Speaker 4: from what was much more of a physical distribution, whereas

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Speaker 4: now complemented I think equally importantly by a very strong

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Speaker 4: digital or mobile banking experience.

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Speaker 3: Yeah, you're very humble with those strategies because the results

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Speaker 3: are just mind blowing. To think you've got forty six

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Speaker 3: percent of young adults who have no loyalty to anybody

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Speaker 3: little in a bank and they bank with CBA is incredible.

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Speaker 3: Just quickly, before I let you go, we've talked about

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Speaker 3: homeland customers, small business customers. How are they going at

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Speaker 3: the moment? Are you concerned about them?

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Speaker 2: I mean we are.

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Speaker 4: And then the same context as we are across many households,

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Speaker 4: I mean we're seeing certainly particularly smaller businesses as well,

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Speaker 4: which perhaps have less operating history, maybe less financial resilience.

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Speaker 2: We see more challenge there certainly.

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Speaker 4: And then there's sectors of the economy you can imagine

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Speaker 4: in the discretionary spend or retail trade that can be

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Speaker 4: a more challenging set of circumstances. Clearly, there's been labor shortages,

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Speaker 4: problems around sort of pricing, and areas like construction and

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Speaker 4: subcontractors through to commercial development. That's obviously critically important in

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Speaker 4: terms of making sure we're building sufficient supply of new

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Speaker 4: housing into the market. So you know, again we're certainly

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Speaker 4: there to support our customers. We're not seeing that turn

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Speaker 4: up in credit losses as you mentioned earlier, but we

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Speaker 4: know that this is a really important time. I think

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Speaker 4: for people there's a lot of anxiety and uncertainty about

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Speaker 4: exactly what the outlook is and the economy, and I

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Speaker 4: do definitely think better times are ahead, but realistically I

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Speaker 4: know it will be a challenge for many of our

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Speaker 4: customers for the rest of this year. But most importantly

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Speaker 4: we're here to help. We're here to serve them.

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Speaker 1: That was coming of Bank Chief executive Mat Common, speaking

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Speaker 1: to David Kosh on Osby's. Osby's is Australia's leading provider

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Speaker 1: of live and on demand video of the latest news

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Speaker 1: in Australian business markets, economy and startups. Sign up at

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Speaker 1: osbiz dot com dot au. It's free. This is the

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Speaker 1: Fear and Greed Daily Interview. Join us every morning for

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Speaker 1: the full episode of Fear and Greed daily business news

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Speaker 1: for people who make their own decisions.

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Speaker 2: I'm Sean Elmer. Enjoy your day,