CBA on track to hit full year EPS target
(14 February 2007 – Australia) Commonwealth Bank has reported a first half cash profit after tax of A$2.271 billion, up 10 percent on the corresponding period a year earlier.
CBA chief executive Ralph Norris said it was pleasing that the bank had achieved its result in a competitive environment without relaxing its high credit standards.
The bank, the first of the Big Four to report its half year results, said it improved return on equity by 60 basis points to 22.3 percent.
CBA said it delivered strong volume growth in home loans and domestic deposits but lost share in credit cards. The bank said business lending was strong and was underpinned by the Australian and New Zealand syndicated loan market.
Colonial performed strongly over the half with funds management up 27 percent while funds under administration grew 11 percent to A$168 billion.
Norris said credit growth remained strong but that future growth was likely to remain below the levels of the past few years as the impact of the drought and capacity constraints hit home.
CBA said it remained on track to deliver full year earnings per share growth which met or exceeded the average of its peers.
The bank, the first of the Big Four to report its half year results, said it improved return on equity by 60 basis points to 22.3 percent.
CBA said it delivered strong volume growth in home loans and domestic deposits but lost share in credit cards. The bank said business lending was strong and was underpinned by the Australian and New Zealand syndicated loan market.
Colonial performed strongly over the half with funds management up 27 percent while funds under administration grew 11 percent to A$168 billion.
Norris said credit growth remained strong but that future growth was likely to remain below the levels of the past few years as the impact of the drought and capacity constraints hit home.
CBA said it remained on track to deliver full year earnings per share growth which met or exceeded the average of its peers.
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