Commonwealth Bank profit tops $10 billion but analysts say it’s not enough to justify ‘lofty valuation’
Australia’s biggest company, the Commonwealth Bank, has posted a $10.13 billion net profit but billions were wiped off the bank’s share price, as analysts say the stock was “priced for perfection”.
The nation’s largest lender reported a 7 per cent rise in statutory profit over the past financial year. Its preferred measure of cash profit rose 4 per cent to a record $10.25 billion.
CBA shareholders will receive a final dividend of $2.60 per share, taking the total dividend payout for the year to $4.85, up 4 per cent from a year earlier and its highest on record.
The bank’s net interest margin — the difference between the…
