Comm Bank falls short

THE Commonwealth Bank has posted a first-half profit short of market expectations after tipping $575 million into a kitty to cover costs from its damaging run of scandals.

Chief executive Ian Narev yesterday said he was “cognisant” that shareholders were concerned about the mounting damage bill.

The bank has set aside $375 million for penalties that could flow from allegations it breached anti-money-laundering and terrorism-funding laws and $200 million regulatory, compliance and remediation costs.