(9 February 2005 – Australia) Commonwealth Bank has posted a near 50 percent net profit for the first half of 2005 and forecast EPS growth of between 25 and 30 precent for the full year.The bank’s net profit for the six months to December 31, 2004 came in at A$1.859 billion, a jump of 49.6 percent on the previous year’s figure.
CBA chief executive David Murray said the result vindicated the bank’s investment in its Which new Bank customer service program.
“When we introduced Which new Bank, we said that it would be a fundamental cultural transformation, allowing us to put the customer first, both in terms of behaviour and the tools used to provide a better service,” he said.
Murray said net benefits of the WnB program for the half year were A$301 million and gross investment spend was A$255 million.
He said the program remained on track to deliver a full year net benefit of more than A$620 million and a further A$900 million in 2006 and beyond.