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Commonwealth bank of Australia - Essay Example
Author : lacy33
Finance & Accounting
Pages 5 (1255 words)
Commonwealth Bank of Australia Instructor Institution Date INTRODUCTION The Commonwealth Bank of Australia is a multination financial and banking institution with its headquarters in Australia. The bank has specialised in providing a wide range financial services that include but not limited to personal, retail and corporate banking, financial planning and insurance, funds management, mortgage financing, brokerage and underwriting…
It is approximately one century since this giant financial institution was formed by the Australian government. However it is currently owned by private investors owing to the move by the Australian government to privatize the bank in 1996. Commonwealth Bank of Australia has continued to expand its operations in various regions through acquisitions, joint partnership and takeover. Commonwealth Bank steady performance in the industry is attributed to a wide range of strategies that include customer satisfaction, business banking, technology and operational excellence, profitable growth as well as trust and team spirit1. From the financial point of view it is evident that Commonwealth Bank has emerged strongly from a humble beginning to be a profitable banking institution in Australia. This clam can be justified by the fact that the Group’s net earnings after tax for the financial year ended 2011/12 hit $6,394 million which is 13% increase compared to the previous year. The Group recorded 18.4% and 411.2 cents on Return on equity and Earnings per share respectively. This was a 12% increase compared to prior financial year. The Group declared a final dividend of $ 1.88 per share which was an 11% increase compared to previous financial year2. ...
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