Business and Private Banking

Business and Private Banking delivered a strong performance, achieving cash net profit after tax of $1,039 million for the year which represented a 16 percent increase on the prior year.

Business and Private Banking Commonwealth Bank offering business solutions to local business and agribusiness customers.

The business banking segments contributed significantly to this result, experiencing growth in lending and deposit volumes, improving deposit margins and a lower impairment expense. While equities trading market volumes were lower, CommSec continued to maintain its leading share of the online non advisory market in a highly competitive environment.

Performance highlights during the year included the continued improvements within CommBiz designed to make it simpler for customers to do business, and the successful launch of the new Business Debit MasterCard in January 2011 with over 20,000 cards issued.

These initiatives have been recognised by:
  • The Group being consistently ranked in either equal first or equal second position in the whole-of-market business banking segment over the past year, according to DBM Business Financial Services Monitor

  • “Best Cash Management Bank in Australia” for the second year running by the Asian Banker magazine

  • Equities and Margin Lending was awarded “Margin Lender of The Year” in Money Magazine’s Bank of The Year awards, and

  • CommSec and the Private Bank retained award winning positions in their respective markets.