That, at least, is what he drew from the Commonwealth Bank chief executive, Ian Narev’s testimony to last week’s hearings of the House of Representatives Standing Committee on Economics review of the major banks.
Narev was making no apologies for himself and his Commbank executive team pursuing a strong bottom line, arguing that when Commbank did well there were many others who benefited, including the elderly chap who had approached him in the street and said, “thanks for the dividend”.
“I am proud that we are helping the people who do well when we do well,” he said. “The thousands of people who rely on our dividends.”
Given that Commbank shares were last week trading at just under $84 a share and the most recent dividend was 199 cents, fully-franked, Outsider is glad that Narev and his team are so committed to helping the battlers.
Outsider also notes that what is good for the Commonwealth Bank’s bottom line is reflected in the bank’s executive remuneration structures.
