Published: June 15, 2021
Over a four-year period CBA’s Colonial First State arm generated $1.42bn in profit after tax including in periods when funds it ran shrank or stagnated
Australia’s biggest bank, the Commonwealth, reaped more than $1.4bn in profits from superannuation arm Colonial First State over four years that include periods when members of the funds it ran saw their balances shrink or stagnate.
Appearing at a parliamentary hearing in April, CBA’s deputy chief executive, David Cohen, told the Labor frontbencher Andrew Leigh that profits from CFS had “been steadily decreasing over the past 18 to 24 months” due to reductions in fees.
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