A desperate CBA board has been able to keep shareholders happy after a year that was full tumult, board and senior executive change, a restructure, disciplinary action from regulators, not to mention being criticised in the Hayne Royal Commission.
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CBA shareholders will get an unchanged full-year dividend of $4.31 a share despite earnings falling for the year to June 30 under the twin weight of the fallout from the royal commission and weaker lending, especially in housing.
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The chances of the banks paying higher dividends in the coming years look to have diminished after APRA ordered Westpac, NAB and ANZ to set a total of $1.5 billion in extra capital aside.
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Weaker bank shares helped take the wider market lower for another session, but the day’s loss was nowhere near as damaging as Monday’s 1.2% slump.
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The RBA’s second 0.25% rate in two months had a predictable impact on bank share prices - down they went, taking the ASX 200 with them.
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FY19 net profit was -2% below Morgans' forecasts. The broker considers the result bodes well for the outlook for major bank earnings in terms of home lending and residential mortgage asset quality.
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Morgans believes stimulus initiatives announced by APRA (Australian Prudential Regulatory Authority), for an additional capital add-on of $500m for operational risk, to be applied until the banks have completed their planned remediation, will de-risk the earnings outlook for the sector.
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Citi observes Commonwealth Bank has utilised the March quarter to accelerate the recognition of customer remediation across wealth management advice & products and has now dealt with key issues, so a top up in future looks less likely.
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Following a broader market re-rating, Macquarie finds the bank sector looking increasingly attractive on a relative basis. The sector is offering healthy dividend yields and supportive relative valuations.
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First quarter cash profit was in line with Morgan Stanley's estimates. The margin was lower than expected while housing loans were slightly ahead of forecasts. The broker notes credit quality remains sound.
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