I believe the CBA result was widely anticipated and did not disappoint.
The dividend of $1.20 (+6%) was well below the profit increase and the payout ratio at 63% was below the more normal 65-72% normally expected. One reason may be the large growth in Home Loans (5-8% system, mabye 9-13% for CBA), but a Tier 1 of 9% and then 9.6-9.8% by June 30 implies room for a $1-2bn acquisition without equity issuance, and up to $4-5bn without strain (DRP, SPP, Insto placement).
At that level IFL (IOOF) at $1.5bn may achieve further movement in wealth (unlikely ACCC consequence), leaving AMP as a must acquire for ANZ (likely at $7.50-8.75) which would be dilutive, but at least keep them in step here.
I think Challenger is less likely for all.
cba tier 1 for acquisitions
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Last
$127.86 |
Change
2.480(1.98%) |
Mkt cap ! $213.9B | |||
| Open | High | Low | Value | Volume |
| $126.51 | $127.86 | $126.19 | $177.2M | 1.394M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 500 | $127.55 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $127.88 | 13768 | 4 |
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| Last trade - 16.10pm 04/07/2024 (20 minute delay) ? |
| CBA (ASX) Chart |