CBA posts A$4.6 billion profit
(15 August 2007 – Australia) Commonwealth Bank of Australia has posted a full year profit after tax of A$4.6 billion, an increase of 18 percent on last year.
CBA said the group’s banking, funds management and insurance businesses all delivered double digit growth and that credit quality remained robust.
The bank highlighted its Institutional division’s business lending performance and also CommSec’s 40 percent growth in volumes and margin lending.
However, CBA flagged a potential dip in business and consumer lending over the next 12 months.
CBA chief executive Ralph Norris said the result was pleasing in a competitive environment where the bank had not relaxed its credit standards to achieve growth and market share.
He said the bank was pursuing its aim of improving customer service with new front line staff and technology solutions.
The bank said it would meet or exceed EPS growth for the 2008 financial year.
The bank highlighted its Institutional division’s business lending performance and also CommSec’s 40 percent growth in volumes and margin lending.
However, CBA flagged a potential dip in business and consumer lending over the next 12 months.
CBA chief executive Ralph Norris said the result was pleasing in a competitive environment where the bank had not relaxed its credit standards to achieve growth and market share.
He said the bank was pursuing its aim of improving customer service with new front line staff and technology solutions.
The bank said it would meet or exceed EPS growth for the 2008 financial year.
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