CBA makes business banking headway in Q3
(18 April 2007 – Australia) Commonwealth Bank has issued a trading update, saying the group is on track to meet or exceed earnings per share growth of its peers.
CBA said that during the third quarter, it launched its website called Local Business Banking, hired 120 business bankers and re-established business banking in its branches.
"Rebuilding of the business banking footprint continues with the group still on target to open eight new business banking centres by the end of the financial year," CBA said.
CBA said business banking remained competitive but that its margins had remained stable.
The bank said overall credit quality in the corporate book remained good "although there has been a slight increase in the level of impaired assets".
CBA chief executive Ralph Norris said the bank continued to make good progress with its key strategic initiatives.
"With good underlying credit growth and sound credit quality, I remain positive about the outlook and am confident in the ability of the group to again deliver strong earnings per share growth for the full year," he said.
"Rebuilding of the business banking footprint continues with the group still on target to open eight new business banking centres by the end of the financial year," CBA said.
CBA said business banking remained competitive but that its margins had remained stable.
The bank said overall credit quality in the corporate book remained good "although there has been a slight increase in the level of impaired assets".
CBA chief executive Ralph Norris said the bank continued to make good progress with its key strategic initiatives.
"With good underlying credit growth and sound credit quality, I remain positive about the outlook and am confident in the ability of the group to again deliver strong earnings per share growth for the full year," he said.
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