Commonwealth Bank Australia (CBA)
Commonwealth Bank of Australia provides banking life insurance and related services for individuals small businesses and medium sized commercial enterprises. The Bank provides corporate and general banking international financing institutional banking and stock broking and funds management such as superannuation product.
Our Commentary: Updated 13th February 2013
The Commonwealth Bank of Australia released its 1H13 results, reporting a profit of $3.66 billion – up a measly 1% from a year earlier. However, cash profit jumped 6% to $3.78 billion, beating analysts’ forecasts.
CEO, Mr. Ian Narev, said that, “this is a strong result, which continues to demonstrate the benefits of the Group’s consistent, long-term strategy.”
The performance was attributed to growth in its domestic banking and wholesale businesses. The firm announced that it will distribute a fully franked interim dividend of $1.64 per share, 20% higher than the prior corresponding period, on 5 April 2013.
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Head of Corporate Research
LLB BEc Dip FS(FP) Dip TA(ATAA) CFTe(IFTA)
Head of Research and Trading