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Shareholder Review 2013

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Shareholder Review 2013 Shareholder Review 2013 COMMONWEALTH BANK OF AUSTRALIA | ACN 123 123 124 CHAIRMAN & CEO’S REVIEW 2013 RESULT - A stronG Financial result A continuing focus on our long term prior year. Cash return on equity strategy ensured that, against a was 18.4 per cent on a significantly backdrop of mixed global economic stronger capital base of 11 per environments, the Group performed cent Core Equity Tier 1 well during the 2013 financial year. (Internationally Harmonised). The Group has delivered another strong quality result driven by strong This result is testimony to the benefits revenue and earnings growth. of focusing on long-term strategic priorities and continuing to deliver Statutory net profit after tax (NPAT) against the priorities. The Group’s for the 2013 financial year was strategy has customer focus as its $7,677 million – up 8 per cent on the overarching priority with the underlying prior year. Cash earnings were belief that satisfied customers $7,819 million up 10 per cent on the lead to satisfied shareholders. STRATEGIC ACHIEVEMENTS During the 2013 financial year, the of this project resulted in industry-leading Group achieved a six-year goal features for customers, centred around of becoming number one among the only true 24 hours a day, seven days Australia’s major banks in terms of retail a week core banking system among the customer satisfaction, as measured major banks in Australia (and one of the by the Roy Morgan survey. When few in the world for a bank of this scale). combined with leading customer With the project now completed, we satisfaction positions in our business are focused on continuous innovation and private banking, ASB, institutional for the benefit of our customers. We banking and wealth management are still only at the start of our long term businesses, this provides a strong effort to apply world-leading technology foundation for on-going success. for the benefit of our customers. A critical part of our customer focus At the heart of our business lie our over many years has been our people and their skills and dedication. investment in technology and our goal Development of talent programs, to be world leading in the application of increasing skills across our businesses technology. During the 2013 financial in Australia and overseas are central to year, we completed our Core Banking the execution of our strategy and Modernisation upgrade. The completion ongoing progress. NUMBER 1 IN Retail CUSTOMER SatisFACTION Shareholder Review 2013 Shareholder GooD momentum The consistent execution and the with strong growth in home loans, achievement of these long-term priorities household deposits, business lending have resulted in the Group having good and funds management net flows. momentum across all our businesses Commonwealth Bank of Australia 02 1 Balance growth, 6 months to Jun 13 annualised. Source: RBA / APRA 2 Household Deposits system growth. FINANCIAL HIGHLIGHTS Key components of the financial $1,237 million, on a tightly managed result included: set of initiatives focusing on, • Revenue increase of 7 per cent, technology, productivity and risk; leading to 3 per cent positive jaws*; • A continuing conservative approach • Continuing focus on productivity, to provisioning, with lending leading to a further 100 basis provisions of $4.5 billion, and point improvement in cost to lending provisions to credit risk income ratio, to 45 per cent; weighted assets at a conservative 1.60 per cent. The Collective • An increase of four basis points in Provisions include a management Net Interest Margin (NIM) to 2.13 overlay of $823 million and an per cent as higher wholesale and unchanged economic overlay; and deposit funding costs partly offset the positive impacts of asset re- • Significant organic capital pricing, basis risk and mix changes; generation, leading to an internationally harmonised Basel • Substantial on-going investment III Common Equity Tier 1 of 11.0 in long term growth, amounting to per cent, up 120 basis points. * difference between revenue increase and expense increase. This result again highlights the benefits of a multi- year focus on our strategic priorities. Consistent execution of these long-term priorities, combined with our focus on productivity and continuing innovation, have delivered good financial returns for our shareholders and we expect them to continue to do so. DiviDenDS This means that the underlying conditions for our business in the Consistent with the Board’s revised 2014 financial year are unlikely to be dividend policy, which more closely dramatically different from those we aligned the final and interim payout ratios, experienced in the just completed a final dividend of $2.00 was determined. year. As a result, our business settings will remain reasonably conservative Total dividend for the 2013 financial year although we are clearly well positioned was $3.64 – an increase of 9 per cent to meet the needs of our customers on the prior year. The cash dividend should the economy rebound payout ratio for the full year was 75.4 more quickly than anticipated. per cent of cash NPAT, which is in line with the prior year and within the Board’s Finally, the Board and the Management target range of 70 to 80 per cent. team thank our customers and shareholders for their continuing The Group’s Dividend Reinvestment support for the Commonwealth Plan (DRP) will continue to operate but Bank of Australia and of course no discount will be applied under the all the staff of the Group on whom plan for the 2013 final dividend. Given we depend for our success. the Group’s high level of Tier 1 capital, the Board decided, as it did for the 2013 interim dividend, to neutralise or minimise the dilutive impact of the DRP through an on-market share purchase and transfer to participants. David J Turner CHAIRMAN Shareholder Review 2013 Shareholder LooKinG ForwarD 13 AUGUST 2013 While we still remain positive about the long term outlook for the Australian economy, it is difficult to envisage any short term change in conditions with the lack of consumer and business confidence continuing Ian Narev to weigh on the economy. CHIEF EXECUTIVE OFFICER 13 AUGUST 2013 Commonwealth Bank of Australia 04 OUR VISION Our vision is to excel at securing and enhancing the financial wellbeing of people, businesses and communities. This builds on our customer-focused culture, our sense of responsibility, and our desire to keep getting better. Our vision encapsulates the Group’s • Our people capabilities - These reason for being. We’re supporting are the skills, knowledge and millions of our customers to own behaviours that our people are their own homes, to live and retire all expected to display, to give us comfortably, and to protect their families competitive advantage now and into and property. We’re backing businesses the future. Our people capabilities of all sizes, and across a wide variety are: Customer Focus, Team and of industries. We’re providing a Culture, Continuous Improvement, livelihood for over 50,000 people in Effective Communication, our businesses. We’re contributing Judgement, and Driving Results. significantly to the communities in People, businesses and communities which we operate, including helping are entrusting us with something generations learn about managing precious – their financial wellbeing. money, thereby securing a better future. This is what motivates us to do our And our success helps approximately best. I am confident that with all the 800,000 households who own our energy and passion of everyone at shares directly, and millions more who the Commonwealth Bank Group, we’ll own them through pension funds. make the most of every opportunity to In achieving our vision we will be excel in meeting those financial needs. supported by three things: We are all proud of our long history • Our strategy - Customer focus of meeting our customers’ needs, continues to be the overarching working for our shareholders and priority of the Group’s strategy, and is contributing to the communities supported by our People, Technology, in which we operate. Our vision Strength and Productivity capabilities. honours that proud history • Our values - Integrity, Collaboration, and gives us a strong sense of Accountability, Excellence and responsibility for what we do – and Service, define our culture and are fulfillment when we get it right. how we are expected to treat each other and our external stakeholders as we work to achieve our vision. OUR STRATEGY Our strategy remains focused on creating long-term value for our customers, our shareholders and our people. Our goal is to achieve significant long term growth, high employee engagement, a strong experience for our customers, and ongoing total shareholder return and outperformance for our shareholders. CUSTOMER FOCUS ILITIES B CAPA People Technology Strength Productivity Customer Focus – Our customers are developing applications that leverage what unify us: they are at the heart of real-time capabilities, considering new what we do. We will continue to secure ways for our customers to interact with and enhance the financial wellbeing of us and continuing to use technology to our customers. It is this focus that will enhance productivity. see us continue to provide our Strength – Through the financial crisis customers with an outstanding we learnt that the Group’s strength and experience with us. To enhance our stability make us the organisation customer focus, our strategy is Australians trust to look after their money. supported by four clear capabilities – A strong and flexible balance sheet is People, Technology, Strength and important to ensuring we can continue Productivity. to support our customers and capitalise People – We have a vibrant, customer- on opportunities. Shareholder Review 2013 Shareholder focused and high integrity culture. Our Productivity – We are continuously people are central to our success. We simplifying the way we do things to will continue to invest in people achieve better outcomes for our development, talent management and customers and our people.
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