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CBA on track to hit EPS target

CBA on track to hit EPS target

(23 October 2006 – Australia) Commonwealth Bank said it is on track to hits its earnings per share target which will meet or exceed the average of its peers. CBA said earnings momentum has been maintained over the first quarter of FY2007 and that credit quality was strong.

The bank said its Queensland pilot whereby it put business bankers into branches was making good progress and that it would place 180 business bankers in branches over the next 12 to 18 months.

Its business banking internet platform Commbiz was set for roll out to registered "early adopters" at the end of this year. The bank said the merger of its Global Markets and Treasury trading operations had been completed.

On customer service, CBA said it had run workshops to "reinforce the behaviours that support the Bank’s vision to be Australia’s finest financial services organisation through excelling in customer service".

"It is pleasing to see that the momentum we have in achieving our four strategic priorities has been maintained in the first quarter of the financial year," CBA chief executive, Ralph Norris, said.
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