Australian Major Banks Have $15b to $28b Excess Capital says Morgan Stanley

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CBA Boom Earnings:

Commonwealth Bank a near 20% rise in full-year cash net profit to $8.65bn with a final dividend of $2 per share, bringing the full-year payout to shareholders to $3.50, up 17 per cent. In addition, CBA announced an off-market share buyback of up to $6bn.

“It will basically reduce the amount of shares on issue by an estimated 3.5 per cent,” Mr Daghlian noted.

CBA shares have climbed to record highs, eclipsing $109 in intraday trade, but some analysts have given lower price targets, including JP Morgan’s $92.

CBA shares hit an all-time high of $109.03 in intraday trade before finishing 1.5 per cent firmer at $108.17.