Happy with the 1H22 results. Good improvements all round, specially asset quality which I will expand below. Overall a good solid half. Still one of my best investment and my best ASX one the last 20 years. Not full steam ahead yet, that comes with interest rate increases but definitely a steady as she goes after some choppy waters the last couple of years!
Had my eye on a few things this half:
- CBA exceeded my expectation on BDD(non-housing loans) which got me worried after the last business update. Good improvement but this should be in positive territory next half. See orange highlight. In fact that whole asset quality section puts a smile to my face.
- In the context of the previous interim ($1.50 16/02/2021) dividend, $1.75 is good but at a 63% payout ratio seems low on a historical context. Scroll down to the CET1 ratio and you will get your answer 11.8% is fantastic but definitely holding back dividend to boost this back to 1-2% more. Final dividend have always been substantially higher in the final compared to the interim. $2.25+ for the final would exceed my expectations. See green highlight.
- Was never CBAs biggest money spinner and divestment of CommLife Dec 2020 should have ended this income stream but pleasantly surprised at how much we got from it the last 3 halves. See red highlight.
Ann: 2022 Half Year Results ASX Announcement, page-32
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