Retail Banking Services

Retail Banking Services cash net profit after tax for the year was $2,845 million, representing a 16 percent increase on the prior year.

Retail Banking Commonwealth Bank is determined and dedicated to deliver superior customer service.

The result was driven by solid growth in net interest income partially offset by lower other banking income, sound management of operational expenses and an improvement in loan impairment expense. Average volume growth for home loans was 6 percent in a period of reduced market activity.

Key achievements included the successful migration of 10 million existing accounts to the new Core Banking platform and introduction of GoalSaver savings account and Diamond Awards credit card.

The Group's commitment to excellence in customer service resulted in all retail channels performing strongly, as well as recognition for:
  • “Best Retail Bank in Asia Pacific” and “Best Retail Bank in Australia” at the Asian Banker Excellence in Retail Financial Services Awards

  • Money Magazine “Credit Card Issuer of the Year” and “Banking Website of the Year” awards

  • CANSTAR CANNEX “Best Online Banking” award for the second year in a row

  • “Innovative Mortgage Product of the Year” at the Australian Banking and Finance awards for the No Fee Variable rate home loan, and

  • The iPhone Property Guide application won the “Best of the Best”, “Best Financial Service” and “Best Mobile Advertising or Marketing” awards at the Australian Interactive Media Industry Awards.