CBA is down after this morning after revealing the biggest cash profit for an Australian bank, ever.
After it told the market its cash profit for the 12-months to June 30 was $7.8 billion, 10% up on last year’s $7.1 billion result, its was trading down more than one-and-a-half per cent.
Just before midday, CBA was down 1.62%, or $1.21 to $73.34. Click here for a live price.
It looks as if investors as disappointed with CBA’s 75% payout ratio.
“Analysts and commentators alike had been calling for as much as an 80 per cent payout ratio and a final dividend of $2.12,” IG Markets analyst Evan Lucas told Fairfax.
“Considering CBA is priced to perfection, this slight disappointment considering the earnings figures may actually see a ‘sell the fact’ result.”
The other big banks were up between 0.6% and 0.8% this morning.
Read more: http://www.smh.com.au/business/earnings-season/investors-not-impressed-by-cba-dividend-20130814-2rv6m.html#ixzz2buDTRGW0