Australia’s Commonwealth Bank’s full-year cash profit for 2022 rose 11 per cent to $9.6 billion. CBA announced they will raise their dividend with the strength of strong growth in home and business lending and lower bad debts even as interest rates rise. The Reserve Bank of Australia has raised interest rates for the fourth consecutive time to 1.85% in July. Intense mortgage market competition coupled with higher funding costs led to the margin being squeezed lower than the benefit from … Continue reading “Australia’s Biggest Mortgage Lender CBA Profit Jumps 11pc to $9.6 billion on Home Lending”
Australian Major Banks Have $15b to $28b Excess Capital says Morgan Stanley
Beginning with CBA earnings results in August, Australia’s major banks are poised to launch $15 to $28 billion worth of share buybacks during the 2022 financial year according to Morgan Stanley analysts. MS expects a $3.5 billion buyback from Westpac, $4 billion buyback from NAB, and $2.5 billion from ANZ Bank.