In our 191st year we find ourselves in very good shape. Again we’ve delivered record results and real, tangible returns for shareholders and the broader community.
It has been a privilege to take the Chair of Australia’s first bank and company at the start of its 191st year. My first nine months as Chairman, following the retirement of Leon Davis in March 2007, has been a new experience for me and an extremely rewarding one. The market environment over much of that time has been on quite a roller coaster ride. Triggered by the US sub-prime home mortgage issues, global markets have been volatile and, with rising interest rates in Australia and New Zealand, it’s been a challenging time in our sector – but also one of opportunity.
Against that, I am pleased to report that your bank is well positioned and in very good shape. The combination of a clear and focused strategy, engaged and committed employees, and strong leadership from David Morgan and his team has us well placed. I will talk more of David’s legacy later on, but first to the result.