Commonwealth Bank of Australia CEO Ian Narev on Wednesday hit back at criticism of the banking sector as the nation's No. 2 lender posted its seventh straight record profit, saying strong banks were good for the economy as a whole.
CBA's cash profit of A$9.45 billion (US$7.27 billion) for the year to June 30, up 3% from the previous year, came days after it refused to pass on a full cut in official interest rates and triggered fresh calls for the banks to be reined in.
Opposition Labor Party leader Bill Shorten said the result showed the need for a high-powered judicial inquiry into the banking sector, while the Greens demanded banks pay a "too big to fail" levy for their implicit government guarantee.
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CBA's cash profit of A$9.45 billion (US$7.27 billion) for the year to June 30, up 3% from the previous year, came days after it refused to pass on a full cut in official interest rates and triggered fresh calls for the banks to be reined in.
Opposition Labor Party leader Bill Shorten said the result showed the need for a high-powered judicial inquiry into the banking sector, while the Greens demanded banks pay a "too big to fail" levy for their implicit government guarantee.
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