The Commonwealth Bank has greeted the market with a record $8.68 billion profit and reported its suite of banking brands remain strong, despite angry consumer reaction to the bank's financial advisor crisis where many investors lost their life savings.
Cash net profit after tax leapt 12% on the prior year.
The result came in a year when the bank tweaked its marketing to further embed its 'Can' campaign by M&C Saatchi.
It also comes as it reviews its media account with Ikon, the agency it created 15 years ago to handle its business.
Opinion remains divided whether Ikon, originally owned by the bank but now a division of STW, will be able to retain its hold on its foundation client.
In 2013 the bank spent $63 million in main media.
While the CommBank has continued to invest in its Can campaign, it was also forced to launch a a national support campaign in the wake of the financial advisor scandal inviting people to contact the bank and have the financial advice they received reviewed for free.
The hit the bank has taken in the PR stakes on the back of the scandal was apparent in the results announcement with Commonwealth chief executive Ian Narev at pains to point out the contribution the bank was making to the Australian economy and society at large.
In the statement he highlighted the amount of tax the bank paid and the amount it paid its employees as well as its “commitment not to offshore Australian jobs”.
“And we made significant contributions to support individuals, charities, sporting organisations and communities right across Australia,” Narev said.
In a positive signal for the broader advertising industry Narev said the bank was “cautiously optimistic” about the outlook for 2015.
“Whilst business and consumer confidence levels have remained fragile, the levels of underlying activity confirm the strong foundations of the Australian economy,” he said.
“If the stability in global markets continues, gradual increases in consumer spending and demand for credit from business over the next year are likely, as long as budget discussions are progressed and there is a clear understanding of Australia's medium to long-term economic direction.”
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