Fed: Labor slams CBA for fee rise, exec payout
CANBERRA, Feb 12 AAP - Labor today criticised a rise in the Commonwealth Bank's feerevenue and a $32 million payout to a former executive of Colonial State Bank.
The Commonwealth today unveiled a 48 per cent slide in first half net profit to $622million, but on a cash basis its profit rose one per cent to $1.2 billion.
The bank also revealed it had paid out more than $32 million to a former Colonial executivewho left the company after the half year balance date end.
Labor banking services spokesman Alan Griffin said the results showed the bank's feerevenue had risen 16 per cent, or $96 million, since the June-December period 2001.
"Despite huge corporate executive payouts and losses in their funds management arm,the CBA has maintained profitability in retail banking through increased fees and chargeson ordinary Australians' accounts," he said.
"The increased revenue from exorbitant bank fees has come at the same time as the CBApays out more than $30 million to a resigning senior executive of Colonial First State.
"How can this be justified?"
AAP kmh/sb/gl/de
KEYWORD: CBA LABOR
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