(28 October 2005 – Australia) New Commonwealth Bank chief executive Ralph Norris has told shareholders the bank is confident of meeting 2006 earnings forecast.Speaking at the bank’s annual general meeting, Norris said the first quarter was in line with expectations that earnings per share growth would equal or exceed the bank’s peers.
“The first quarter of the 2006 financial year has seen the momentum of 2005 continue,” he said.
“Underlying housing loan growth has experienced an orderly slowdown over the last quarter and the bank’s experience has been broadly in line with the market,” Norris said.
He said the bank’s online deposit product, NetBank Saver, had attracted “good inflows”.
Norris said Which New Bank still had a way to go to improve customer performance and said the bank’s business banking performance was less than satisfactory.
He said business banking was a priority and that the bank was scoping a number of initiatives.
“These will improve the competitiveness of the business and the appeal of its services,” Norris said.
He said the bank’s CRM system CommSee was now in three quarters of CBA branches and that Which New Bank was meeting its targets.