Commonwealth Bank chief executive Matt Comyn says the bank’s exit from the wealth and advice industries means it must be much better at executing on its core banking priorities – lending and deposit taking.

Comyn said the bank was able to achieve above-system growth in home lending and deposits, and “momentum” in business banking, because of its “digital leadership”.

CBA’s mortgage balances grew by 3.8 per cent to June - 1.3 times system. This was well ahead of the other big banks. The bank’s home lending share grew 23 basis points to 24.9 per cent.

Comyn said the bank’s back office allowed for consistent home loan decision times, while a couple of its peers have had well-publicised problems with home loan processing.

Household deposit balances grew 9.8 per cent over the year and market share rose 40 bps to 27.1 per cent. Transaction account balances grew by 15 per cent.

Business loan balances grew 2 per cent and share rose 10bps to 14.8 per cent. Domestic business lending grew by 5 per cent.

At a tech update last month, Comyn said digitisation was central to the bank’s planning.

“Our customers are constantly looking for seamless and innovative ways to do their banking, and even more so in the current environment,” he said.

The bank’s investment over the past year have included ongoing development of digital channels, processing for commercial loan originations and back office automation.

Additions to the CBA app include: a benefits finder that helps consumers and small businesses identify rebates and other benefits; the buy now pay later service Klarna; a bill predictor; and personalised notifications.

In business banking, the bank’s BizExpress service provides same-day loan approvals for unsecured loans up to A$250,000 and secured loans up to $1 million.

Comyn said that in some respects, the pandemic has played to CBA’s strengths. There has been a flight to quality and an increasing reliance on digital delivery of services.