CBA reported a disappointing 5% drop in full-year earnings and dashed hopes for a special dividend. A correction is underway, and overdue, says ClaraMarquesRTR
Commonwealth Bank of Australia, the country’s largest lender, said on Aug. 7 that its full-year cash net profit after tax, a measure that excludes discontinued operations, fell 4.7% to just under A$8.
5 billion . Analysts had expected about A$8.7 billion for the year ended on June 30.Shares in the group were down 1.6% at A$78.5 in morning trade on Aug. 7, underperforming an otherwise flat banking sector.
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