Please read the article and answer the questions below Murray prepares CBA for battle ByRuth Williams Banking Reporter August 11, 2005 Commonwealth Bank chief executive David Murray used his final profit result to publicly prepare the bank, its shareholders and his successor, Ralph Norris, for a fight over market share in deposits and business lending. As he handed down his 27th CBA profit result, Mr Murray foreshadowed greater use of offshore outsourcing and an increased commercial presence in China. In a valedictorianrish, he also took aim at the Finance Sector Union, the Reserve Bank and global competitors. Mr Murray declared a second-half dividend of $1.12, payable on September 23 to shareholders at August 19, bringing the total to a fully franked $1.97 for the year, up 14c. CBA's underlying cash net profit grew by 13 per cent to $3.46 billion, but its statutory net profit, which included an appraisal value boost of almost $780 million and goodwill amortisat itisation of $325 wwwwwwwwwww million, rose $5 per cent to $3.99 billion for the year to June 30. CBA shares closed 83c lower at $38.65. The shares have risen more than 20per cent since the start of 2004 and soared to a year high of $39.64 on Tuesday. There were no positive surprises out of the result, and the share price was just not sustainable," said Heather Zampatti, head of wealth management at Bell Potter Securities. "It really had to be an absolute stunner of a result for the shares to stay at those levels." Mr Nomis, who ran CBA's New Zealand subsidiary before joining Air New Zealand as chief executive in 2002, will start at CBAon September 23, two years after Mr Murray launched his Which New Bank "transformation". The three-year, $1.48 billion process, designed to improve processes and customer service, saved the bank $724 million in 2005 and was delivering above expectations, Mr Murray said. But he acknowledged that the bank was fighting in an increasingly competitive market, especially in deposits and business lending as banks tried to sustain growth in a cooling housing market.(1) Why did Commonwealth Bank's share price fall by 83c despite that company reporting a record annual net profit? Was the capital market reaction in this case consistent with market efficiency? Why or why not