Commonwealth Bank announces 7 per cent decline but customer numbers rise
Tuesday August 18, 2009
Commonwealth Bank announced in its 2008/09 financial that it recorded an annual cash profit of $4.41 billion with a 7 per cent decline recorded in cash earnings
The Commonwealth Bank released the following in its 2008/09 financial results:
- 30 per cent increase in personal account openings
- 21 per cent growth in its home loan balances (against system growth of seven per cent)
- 16 per cent growth in retail deposits
What's more, the Commonwealth Bank is expected to lower dividend payments by 25 per cent this year.
The Commonwealth Bank citied this increase in customer numbers to higher quality customer service and an upgrade to its very popular Netbank system, which allows Commonwealth Bank customers to complete a majority of their banking online.
In related news, Commonwealth Bank chief executive Ralph Norris has stated that the bank may act on its own accord when it comes to rates and may not wait for action from the Reserve Bank of Australia.
''I don't think there's any doubt that we will continue to reprice where necessary,'' Mr Norris said. ''We've got to act on a commercial basis and certainly what is right for the business and if we need to reprice we will reprice.''
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