SYDNEY (XFN-ASIA) - Commonwealth Bank of Australia (CBA) Ltd is hoping to maintain double-digit earnings growth in the next two to three years as it undergoes a culture change, CBA chief executive Ralph Norris said in an interview on Sky TV.
Norris said CBA is looking at a number of changes, including becoming more customer-focused, as well as becoming more efficient through better use of technology.
He said the lender expects to improve its market share in business banking over the next three to four years to around 15-16 pct from around 13 pct by opening more business banking centers and deploying a new Internet banking system.
Norris said the bank also has the capacity to lower its cost to income ratio to the 40 pct area by 2010.
In the past year to June, CBA's cash earnings per share grew 15 pct to 3.046 aud per share, excluding one-off items.
bruce.hextall@xfn.com
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