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MarketScreener Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Commonwealth Bank of Australia    CBA   AU000000CBA7

COMMONWEALTH BANK OF AUSTRALIA

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Commonwealth Bank of Australia : pension arm hit with another class-action lawsuit

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01/22/2020 | 05:49pm EST
FILE PHOTO: The logo for the Commonwealth Bank of Australia adorns their head office in central Sydney

Commonwealth Bank of Australia said on Thursday a class-action lawsuit was filed against its pension arm, Colonial First State, for allegedly not acting in customers interest for insurance policies.

The pension arm of Australia's biggest bank has been hit with at least three such lawsuits, highlighting the intense scrutiny the sector faces after a government-backed inquiry showed systemic over-charging of fees.

The law firm, Shine Lawyers, had said in a statement earlier this week that Colonial First State encouraged customers to pick policies by CBA's insurance unit CommInsure, leaving them with higher premiums.

"These customers were forced to pay more for life insurance as well as total and permanent disability insurance, and this has eaten into their superannuation," its class actions practice leader Rebecca Jancauskas had said.

The country's biggest bank said it was reviewing the claim, while the law firm said it acted on behalf of "hundreds of thousands of Australians".

(Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Arun Koyyur)

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Financials (AUD)
Sales 2020 24 597 M
EBIT 2020 13 671 M
Net income 2020 10 390 M
Debt 2020 -
Yield 2020 5,02%
P/E ratio 2020 15,9x
P/E ratio 2021 17,6x
Capi. / Sales2020 6,32x
Capi. / Sales2021 6,27x
Capitalization 155 B
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Mean consensus SELL
Number of Analysts 15
Average target price 78,53  AUD
Last Close Price 87,83  AUD
Spread / Highest target 2,47%
Spread / Average Target -10,6%
Spread / Lowest Target -23,7%
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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
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