CBA delivers A$3.93 billion profit
(9 August 2006 – Australia) Commonwealth Bank of Australia has posted a net profit of A$3.93 billion for the full year to 30 June 2006, an increase of 16 percent on the previous year.
CBA chief executive Ralph Norris described the result as "very good", saying the bank’s focus on profitable growth in a competitive market had delivered solid returns with all businesses performing well.
"We have maintained the momentum in our business and preserved our credit quality, despite some slowing in economic activity," he said.
Norris said the bank had made progress on its "four strategic priorities" of customer service, business banking, technology and operational excellence.
Premium Business Services, Corporate and Institutional divisions delivered a "solid" result. Demand from the corporate sector saw lending and assets grow 18 percent in lending and finance.
Norris said the bank had focused on improving customer service by boosting the number of customer facing staff, extending its business banking footprint, and adding a range of retail and business banking products.
Funds Management grew 23 percent over the prior year to A$563 million, while home loans grew 16 percent.
Looking ahead, Norris said CBA had a "clear vision of where we want to go and what we must do to deliver".
"Taking these factors into account, and in the absence of any exogenous shocks, I expect to see good profit growth for the 2007 fiscal year with the bank delivering earnings per share growth which meets or exceed the average of our peers," he said.
"We have maintained the momentum in our business and preserved our credit quality, despite some slowing in economic activity," he said.
Norris said the bank had made progress on its "four strategic priorities" of customer service, business banking, technology and operational excellence.
Premium Business Services, Corporate and Institutional divisions delivered a "solid" result. Demand from the corporate sector saw lending and assets grow 18 percent in lending and finance.
Norris said the bank had focused on improving customer service by boosting the number of customer facing staff, extending its business banking footprint, and adding a range of retail and business banking products.
Funds Management grew 23 percent over the prior year to A$563 million, while home loans grew 16 percent.
Looking ahead, Norris said CBA had a "clear vision of where we want to go and what we must do to deliver".
"Taking these factors into account, and in the absence of any exogenous shocks, I expect to see good profit growth for the 2007 fiscal year with the bank delivering earnings per share growth which meets or exceed the average of our peers," he said.
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