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    CBA   AU000000CBA7

COMMONWEALTH BANK OF AUSTRALIA

(CBA)
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Commonwealth Bank of Australia : Australia's CBA ordered to pay $5 mln fine for overcharging interest

04/07/2021 | 12:05am EDT

April 7 (Reuters) - An Australian court fined top lender Commonwealth Bank of Australia A$7 million ($5.36 million) for overcharging interest in a case stemming from a gruelling financial sector inquiry, the country's securities regulator said on Wednesday.

CBA was found to have misled customers and overcharged interest by more than A$2.2 million over a three-year period by the federal court in February.

The Australian Securities and Investments Commission (ASIC) had sought a A$7 million fine, while CBA made submissions for a penalty of A$4 million to A$5 million.

"CBA's delay in remediating customers following this error was an aggravating factor in the Court's determination of the penalty," ASIC Commissioner Sean Hughes said. (https://bit.ly/2Q4no3e)

Customers were charged an interest rate higher than advised on more than 12,000 occasions, according to the case filed by ASIC in December.

Financial firms in Australia have faced numerous class actions and penalties over the past two years after a Royal Commission inquiry into the sector found widespread misconduct, including charging fees to dead people.

A CBA spokesperson acknowledged the penalty, adding that the bank had sent refunds to 2,269 customers totalling A$3.74 million.

"Failures of this sort are unacceptable and we apologise to those customers who at the time were overcharged fees," the spokesperson said.

($1 = 1.3063 Australian dollars)

(Reporting by Sameer Manekar in Bengaluru; Editing by Shailesh Kuber and Shounak Dasgupta)


© Reuters 2021
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Financials
Sales 2021 23 824 M 18 416 M 18 416 M
Net income 2021 9 669 M 7 474 M 7 474 M
Net Debt 2021 - - -
P/E ratio 2021 17,3x
Yield 2021 3,81%
Capitalization 156 B 121 B 121 B
Capi. / Sales 2021 6,55x
Capi. / Sales 2022 6,45x
Nbr of Employees 42 720
Free-Float 99,4%
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Technical analysis trends COMMONWEALTH BANK OF AUSTRALIA
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Mean consensus UNDERPERFORM
Number of Analysts 14
Average target price 81,19 AUD
Last Close Price 87,99 AUD
Spread / Highest target 13,6%
Spread / Average Target -7,73%
Spread / Lowest Target -22,7%
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Managers and Directors
NameTitle
Matthew Comyn Chief Executive Officer, Executive Director & MD
Alan Frank Docherty Chief Financial Officer
Catherine Brighid Livingstone Chairman
Pascal Boillat Chief Information Officer
Shirish Moreshwar Apte Independent Non-Executive Director
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