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CBA still feeling fallout from economic storm: CEO

CBA still feeling fallout from economic storm: CEO

Commonwealth Bank (ASX:CBA) is still feeling the lingering effect of the economic crisis, but the impact is beginning to fade, according to CEO Ralph Norris.

“The headwinds which impacted our performance in 2009 have continued into the new financial year, although there are signs they might be moderating,” he told investors at the group’s AGM today.

But he added that the company, which recorded a net profit of $4.41 billion in FY09, is financially strong.

“In this environment, we will maintain our conservative approach to capital, funding, liquidity and provisioning, [but] we recognise that we are well placed to strengthen our business franchise,” he said.

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Tags economic recoveryeconomic crisisCommonwealth Bank of Australia

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