CommBank records first half FY2013 net profit of $3.66 billion

CEO highlights a key initiative within its strategy – its Core Banking Modernisation

The Commonwealth Bank of Australia (CommBank) has announced a statutory net profit after tax (NPAT) of $3.66 billion for the half year ending December 31, 2012, a one per cent increase from the same time last year.

Cash NPAT for period was $3.78 billion – an increase of six per cent.

The bank declared its Cash Return on Equity (ROE) for the half-year was 18.1 per cent, and an interim dividend of $1.64 per share - an increase of 20 per cent on the 2011 interim dividend.

CommBank Group CEO, Ian Narev, said it was a strong result which demonstrates the bank's long-term strategy.

“We have continued to execute a strategy that is a focus on the customer, disciplined management of volumes and margin, a focus on productivity, and a willingness to invest in long-term growth, particularly through technology,” he said.

Narev said reaction to the recently launched MyWealth program was “very encouraging” with 30,000 visitors, staying for an average of 10 minutes, to the site.

He also mentioned the company will install video-conferencing capabilities across all of its branches by the end of June this year.

“The ability to deliver to our customers specialist conversations and knowledge in areas like personal lending, wealth management and business banking will be in the branches,” he said.

Narev highlighted a key initiative within its strategy – its Core Banking Modernisation – which is substantially complete.

“Our focus in that area now turns to continuing to reap the considerable benefits of that investment, and looking for other opportunities for technology investment.”

He said individual projects are intended to deliver better outcomes for customers, reinforce its commitment to productivity, and maintain industry leadership in technology.

Looking ahead for the remainder of 2013, Narev said the company will continue to focus on the long-term strategic goals that have underpinned its current result, and believes it positions the group very well into the future.

“If the current stability continues, we believe it will translate into a slow but steady rebuilding of consumer and business confidence in Australia. And that is our base case for the 2013 calendar year,” Narev added.

2015 State of The IT Channel Survey : IT'S TIME!!! Fill in this year's State of the IT Channel Survey and be in the running to win great prizes. CLICK HERE

Join the ARN newsletter!

Error: Please check your email address.

Tags Video Conferencingtechnologyfinancial resultsstrategycommbank

More about Commonwealth Bank of Australia

Show Comments
 

Latest News

May 22
Raiders change strip to support cancer research
May 22
Chromebook sales up 27 per cent to 7.3 million units: Gartner
May 22
Federal Government foreshadows changes to spectrum pricing and allocation
May 22
Seventy per cent of Australian small businesses predict growth in year ahead
More News
26 May
IM Experience, Brisbane
26 May
SplunkLive! Brisbane
26 May
Entrepreneurial Marketing - Innovative Thinking to Create or Re-Invigorate your ...
26 May
D-Link IP Surveillance Training and Certification
View all events