CBA well placed to strengthen business
Commonwealth Bank of Australia (CBA) said it is well placed to continue to strengthen its business franchise and improve its financial performance and returns. However, the bank said due to the current environment it would maintain its conservative approach to capital, funding, liquidity and provisioning.
CEO, Ralph Norris, said the headwinds, which impacted the company’s performance in 2009, have continued into the new financial year.
“However the 2010 year will present challenges (as well as opportunities) for your Group and its customers and the outlook is by no means clear,” Mr Norris said.
In FY09 CBA delivered a net profit after tax of $4.42 billion, which the company said was driven by strong operating income growth and a disciplined approach to costs.
The company’s Return on Equity was 15.8%, which enabled it to pay shareholders over $3 billion in dividends.
As at 1544 AEDT, CBA shares were down 77c to $54.78.
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