CBA aims for 10% growth

30 October 2006

The Commonwealth Bank of Australia (CBA) is aiming for a growth in profits of at least ten per cent over the coming years, the bank's chief executive has said.

In an interview with Sky TV, Ralph Norris said that improving efficiency at retail branches and making greater efforts to win new customers could see the bank achieve the ambitious growth targets it has set for itself.

CBA's increasing use of technology such as internet banking, as well as providing branch managers with greater autonomy, would also help, Mr Norris added.

He also said that he expected the bank to improve its market share in the business banking sector in Australia from 13 per cent at present to 15 -16 per cent over the next three to four years, and reduce its cost to income ratio to about 40 per cent by 2010 in order to boost net profits.

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