On Tuesday morning the Commonwealth Bank of Australia (ASX: CBA) share price is pushing higher following the release of its annual general meeting update.
At the time of writing, the banking giant's shares are up 2% to $70.04.
As the bank's annual general meeting has gone virtual because of the pandemic, I thought I would summarise the event for shareholders and readers.
Three key takeaways from the Commonwealth Bank annual general meeting are as follows:
Commonwealth Bank is in a strong position.
The company's Chair, Catherine Livingstone AO, acknowledged that the next 12 months will be difficult, but she remains positive due to its strong position.
She commented: "Although the year ahead will involve challenges and uncertainty, the Bank faces this environment in a strong position. Our business is performing strongly, and we have a resilient balance sheet, which means we are well placed to continue delivering on our purpose."
Customers are happy with the bank.
CEO and Managing Director Matt Comyn revealed that customer satisfaction is at a high level despite the difficult trading conditions. In fact, Commonwealth Bank is leading the way in the industry.
Mr Comyn explained: "In our latest DBM net promoter score results, which is our measure of customer advocacy, we are for the first time #1 across consumer, business and institutional customers. We're also ranked #1 in net promoter score for internet banking and our mobile app."
But Commonwealth Bank isn't resting on its laurels. The CEO advised: "We are investing in our business and institutional banking experiences through enhancements to our service, data and technology capabilities."
New branding.
The CEO also spoke about Commonwealth Bank's branding update, which has seen the bank embrace an all gold logo.
He commented: "Today you've seen examples of the Commonwealth Bank's new brand, our first update in almost 30 years. We believe the time is right to refresh our brand to symbolise the work we've done to be better, the work we still have to do, and the brighter future we are committed to helping Australia achieve. It also represents our determination to be the bank you want us to be: the bank for all Australians, the bank for businesses and the bank for the country."
