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Annual Report June 2004

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Annual Report June 2004 COMMONWEALTH BANK OF AUSTRALIA COMMONWEALTH 2004 Commonwealth Bank of Australia ACN 123 123 124 Annual Report 2004 ANNUAL REPORT 2004 Produced by Armstrong Miller+McLaren – www.amm.com.au Commonwealth Bank of Australia ACN 123 123 124 Annual Report 2004 Table of Contents Chairman's Statement.....................................................................................................................................................................3 Highlights ........................................................................................................................................................................................5 Banking Analysis.............................................................................................................................................................................9 Funds Management Analysis........................................................................................................................................................17 Insurance Analysis........................................................................................................................................................................21 Shareholder Investment Returns ..................................................................................................................................................24 Life Company Valuations..............................................................................................................................................................25 Presentation of Financial Information ...........................................................................................................................................26 Integrated Risk Management........................................................................................................................................................27 Description of Business Environment ...........................................................................................................................................30 Corporate Governance .................................................................................................................................................................34 Directors' Report ...........................................................................................................................................................................41 Five Year Financial Summary.......................................................................................................................................................49 Financial Statements ....................................................................................................................................................................52 Statements of Financial Performance ..............................................................................................................................53 Statements of Financial Position ......................................................................................................................................54 Statements of Changes in Shareholders' Equity..............................................................................................................55 Statements of Cash Flow..................................................................................................................................................56 Notes to the Financial Statements....................................................................................................................................57 Directors' Declaration……………………………………………………………………………………..………………………………169 Independent Audit Report………………………………………………………………………………………...……………………...170 Shareholding Information…………………………………………………………………………………………………………………171 International Representation……………………………………………………………………………………………………………..175 Chairman’s Statement The Bank experienced another strong year with the million under the Dividend Reinvestment Plan during the Australian economy continuing to perform well. Housing year. lending remained buoyant for most of the year with early signs of some slowing towards the end of the year. Very Which new Bank low levels of corporate and personal defaults were As foreshadowed in last year’s annual report, the experienced in a favourable credit environment. Which new Bank program was announced to the market Investment markets recovered which led to an in September 2003. Which new Bank is a three-year improvement in the performance of the funds strategic program aimed at supporting the Bank’s vision to management and insurance businesses as well as excel in customer service. The aim of the program is to contributing to an increase in the assessed value of the provide better service to customers by engaged people funds management business. using improved systems and simpler processes. The The Bank embarked on the three year Which new focus is very much on the training and motivating of Bank program during the year, the successful execution of people within the Bank and giving them the authority and which is critical to the long term success of the Bank. So accountability to be able to deliver excellence in service. it is pleasing to be able to report that very good progress They can only do this if they have the systems and was made in the first year of the program in the processes that allow them to do it. Customers are achievement against the milestones set for the program. beginning to notice differences and these differences will become more pronounced as the Which new Bank Results program is implemented. The Bank’s statutory net profit after tax for the year During the year, the Board has actively participated ended 30 June 2004 was $2,572 million, an increase of in activities that facilitate a better understanding of the 28% over that earned in the prior financial year. Net profit prerequisites for strategic transformation. In September from ordinary activities (“cash basis”) was $2,695 million, 2003, the Bank’s Directors spent five days touring the an increase of 5% over that earned in the prior year. This Bank’s branches, processing centres and call centres in increase was achieved after expensing $749 million ($535 Australia and New Zealand, gaining first hand experience million after tax) on the Which new Bank program. of the Bank’s systems and processes. In May 2004, the Strong operating performances were recorded by all Board was pleased to conduct its monthly Board meeting businesses, with the underlying profit after tax increasing in Townsville, the Bank’s first regional branch in Australia. by 15% to $3,078 million for the year. Underlying profit The Board will continue to be active in gaining first-hand excludes the after tax impact of shareholder investment knowledge of the operations of the Bank and its service returns and the cost of initiatives, including Which new standards throughout the duration of the program and Bank. beyond. The banking result was driven by the continued good performance of the Australian and New Zealand Outlook lending operations, partly offset by an anticipated The Global economy has improved noticeably, with contraction in the net interest margin. In funds an expectation of monetary tightening across the major management, recovery in funds flows was underpinned by economies in the near term. strong international flows and the continued growth of The Australian economy continues to perform well FirstChoice, while for the insurance business, although growth in domestic spending has slowed as the performance improved across all regions. construction sector loses some momentum. Loan asset quality strengthened during the year, Consumer confidence is high while job security reflecting the Bank’s ongoing, disciplined approach to risk concerns are low and personal incomes are rising. management. Productivity improvement was evident Businesses should continue to benefit from sustained across all businesses, particularly insurance and funds capital spending. High levels of spending on infrastructure management. are underway. The consequences of the housing For more information on the company’s financial slowdown remain a key domestic issue, although the performance, please refer to the Highlights on page 5. effects so far have been muted. Subject to market conditions being maintained, the Dividends and Capital Position Bank is targeting: At last year’s Annual General Meeting I informed Growth in cash Earnings Per Share (“EPS”) shareholders that, although we would be charging the exceeding 10% compound annual growth rate costs of the Which new Bank program against profit, we (“CAGR”) over the three year period to 30 June regarded that expenditure as being in the nature of an 2006, which is expected to be ahead of industry investment in the future of the Bank. I said that, for this growth; reason, we would add back the after-tax cost of the Improvement in productivity between 4-6% CAGR program to the profit in determining the dividends for the over this period; and year. This we did, and determined the total dividend out Growth in profitable market share across major of the year’s profit would be $1.83 per share which product lines. represented 73.9% of the adjusted result and a 19% Having regard to the factors considered in increase on the dividend for the prior year. determining the dividend as set out on page 113, and The dividend of $1.83 per share continues the subject
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