Which New Bank underpins strong CBA result
(10 August 2005 – Australia) Commonwealth Bank has pointed to the progress made by its customer focussed re-engineering program, Which new Bank, as a primary driver of its strong full year result.
Announcing an annual net profit of A$3.99 billion, the bank said Which new Bank had allowed it to extract additional benefits above those originally anticipated.
"Our strong result reflects the underlying momentum created by Which new Bank’s progress which has significantly enhanced the bank’s already strong competitive position," CBA chief executive David Murray said.
"I am confident that the momentum which now exists throughout the business will be maintained and will continue to deliver substantial future benefits as the post Which new Bank strategy is developed and implemented," Murray, making his last results announcement, said.
The bank said the program had contributed net benefits in 2005 of A$724 million and gross investment spend of A$601 million. CBA said it was on track to deliver total annual net benefits of at least A$900 million in 2006 and beyond.
CBA’s annual net profit was up 55 percent on last year while in cash terms profit rose 31 percent to A$3.54 billion. Cash earnings per share increased by 30 percent.
The bank said it was committed to delivering earnings per share growth in 2006 that equalled or exceeded the average of its peers.
CBA said its CommSee customer service system which allowed staff to gain a complete picture of the customer had been implemented for more than 50 percent of customer facing staff.
Murray will step down as chief executive to be replaced by Ralph Norris on 22 September 2005.
"Our strong result reflects the underlying momentum created by Which new Bank’s progress which has significantly enhanced the bank’s already strong competitive position," CBA chief executive David Murray said.
"I am confident that the momentum which now exists throughout the business will be maintained and will continue to deliver substantial future benefits as the post Which new Bank strategy is developed and implemented," Murray, making his last results announcement, said.
The bank said the program had contributed net benefits in 2005 of A$724 million and gross investment spend of A$601 million. CBA said it was on track to deliver total annual net benefits of at least A$900 million in 2006 and beyond.
CBA’s annual net profit was up 55 percent on last year while in cash terms profit rose 31 percent to A$3.54 billion. Cash earnings per share increased by 30 percent.
The bank said it was committed to delivering earnings per share growth in 2006 that equalled or exceeded the average of its peers.
CBA said its CommSee customer service system which allowed staff to gain a complete picture of the customer had been implemented for more than 50 percent of customer facing staff.
Murray will step down as chief executive to be replaced by Ralph Norris on 22 September 2005.
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