Commonwealth Bank of Australia Ltd (CBA) chief executive Ralph Norris says the country’s biggest lender is well placed to improve its financial performance in 2010.

However, he warned that the current financial year would present challenges and in response CBA would maintain its conservative settings.

“We recognise that we are well placed to continue to strengthen our business franchise and improve our financial performance and returns,” Mr Norris told the company’s annual general meeting in Perth, according to a filed transcript.

“However, the 2010 year will present challenges for your group and its customers and the outlook is by no means clear.
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