Norris enthusiastic on CBA prospects

The commentary from the chief executive of CBA, Ralph Norris, in the bank's 2010 annual report is decidedly upbeat.

CBA is, Norris writes, "significantly stronger and more dynamic than it was four years ago."

"From a position of being a clear last, three years ago, we are now seeing consistent improvement across every area of our business."

Norris writes that "improvements in customer satisfaction are translating into stronger market shares in all our key markets."

CBA remains underweight in business banking, the CEO's report notes. Lending growth is above system in home loans and deposit growth is satisfactory.

Norris concludes his commentary by reinforcing a theme of David Turner's opening essay: conditions intensified over the second half of the 2010 financial year.

"I suspect the strength of the recovery will be slower than anticipated 12 months ago.

"In this environment the group remains cautious and we will continue to maintain its conservative approach to capital, funding, liquidity and provisioning."