A continued disciplined approach to the execution of the Group's five strategic priorities has delivered another good result.
Business and Private Banking
Business and Private Banking delivered a strong performance, achieving 21 per cent growth in cash net profit after tax to $893 million.
This result reflects continued momentum across all businesses, with strong growth in business lending balances, stable margins and improved equities trading volumes within CommSec.
The impact of impairment expense eased in the second half, with the improving trend reflecting the strong credit quality of the business lending portfolio and proactive risk management.
Performance highlights during the year included the launch of additional features in CommBiz to help business customers conduct their transactions faster as well as the introduction of a market leading contactless card payment facility which is aimed at speeding up transaction times for business customers in service-based industries.
All key business units within Business and Private Banking delivered double digit revenue growth.
Other highlights included:
- In the recent DBM Business Financial Services Monitor survey, the Group was recognised as the number one major bank across all business banking segments in customer satisfaction.
- CommSec was awarded a five star rating by CANSTAR CANNEX for both its online share trading and IRESS products, together with the AFR Smart Investor Blue Ribbon Award for "Online Broker of the Year" and "Margin Lender of the Year" by Money Magazine; and
- Private Bank was recognised in the Australian Private Banking Council Awards for 2010, winning Outstanding Private Banking Institution of the Year in the $1m to $10m category for the second year running.