Posts Tagged ‘Commonwealth Bank’

    • CBA earns $1bn, slashes dividend

    Wednesday, May 13th, 2009

    In disappointing news for shareholders, the CBA plans to slash its dividend by 25% to $1.15 a share, in an effort to protect itself from the impact of the weakened economy, rising unemployment and a slowdown in credit demand.

    In a trading update released today, the Commonwealth Bank announced cash earnings for the March quarter were $1.15 billion, creating a cash return on equity of more than 15%.

    Optimistically, Commbank Chief Executive Ralph Norris said that while the economic conditions remained challenging, the global financial markets were no longer in freefall.

    The dividend cut follows similar cuts made recently by the ANZ, NAB and Westpac.


    ASX Code: CBA
    Chart from The Bourse

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    Andrew Symonds gets caught in the Storm

    Tuesday, April 21st, 2009

    Andrew Symonds is making news in the Business pages today.

    A statement from a former Storm Financial executive alleges that when Roy borrowed $1 million to invest in Storm, he provided a signed cricket bat in exchange for the Commonwealth Bank waiving a transaction fee.

    The CBA has denied giving Symonds any special treatment, but the same executive claims it s a sign of the close relationship that existed between the failed wealth advisor and the Commonwealth Bank.

    Symonds is thought to be one of thousands of investors hit hard by Storm Financial s collapse. A class action against Storm and its business partners is currently being prepared by Slater & Gordon.

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    Our banks are the world s most profitable. Hooray..?

    Friday, February 20th, 2009

    Westpac is the world s most profitable bank, according to a survey by Boston Consulting Group. This is terrific news for shareholders, but may make Westpac s customers wonder who is paying for these record profits.

    The survey also found the Australian banking sector to be the most lucrative in the world. With recent news about escalating ATM fees and job layoffs, this may come as no surprise to consumers.

    Meanwhile, if you ve stashed your covert monies in a Swiss bank account, now might be a good time to reassess your options. UBS has agreed to divulge details of American account holders to US authorities investigating tax evasion, thus ending a centuries-old tradition of secret accounts management, and no doubt creating disappointment for espionage screenwriters everywhere.

    Stocks for your watchlist:

    • Westpac: WBC.AX (ASX); WBC.NZ (NZX); WBK.N (NYSE)
    • Commonwealth Bank: CBA.AX (CBA)
    • National Australia Bank: NAB.AX (ASX); NAB.NZ (NZX)
    • Bank of Queensland: BOQ.AX (ASX)
    • Australia and New Zealand Banking Group: ANZ.AX (ASX); ANZ.NZ (NZX)

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