APRA Paves Runway To Higher Bank Dividends
In more good news for investors, APRA has eased its dividend guidance for the banks and, from the start of 2021, will no longer be holding lenders to a minimum level of earnings retention.
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News
CBA Gets Green-Light To Divest BoComm Life
The Commonwealth Bank says it will receive $886 million for the sale of its equity interest in the BoCommLife Insurance Company after the divestment got the go-ahead from Chinese regulators.
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Growing signs that the worst is over for income investors
Global dividends dropped 11% in Q3; Australian dividends among hardest hit in the world, worst in at least 11 years.
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APRA Flags End To Clamp On Bank Dividends
Old favourites, bank shares returned to the fore on the ASX yesterday after the key regulator APRA revealed that its clamp-on dividends would be eased.
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CBA Profit Slips 16% But Investors Back Lending Recovery
The Commonwealth Bank of Australia has joined its peers in reporting weak returns in its latest report. The country’s biggest bank said on Wednesday that its September quarter cash profit was down 16% on the same quarter of 2019-20, thanks to the continuing impact of COVID.
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Analyst Views
CBA – Morgans rates the stock as Downgrade to Reduce from Hold
Following a trading update, Morgans downgrades earnings forecasts for Commonwealth Bank and lowers the rating to Reduce from Hold.
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CBA – Morgans rates the stock as Hold
APRA has written to the banks and insurers, advising them to "seriously consider deferring decisions on the appropriate level of dividends until the outlook is clearer".
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CBA – Credit Suisse rates the stock as Neutral
Credit Suisse, again, reduces earnings estimates and allows for a further increase in bad debts for the banks.
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CBA – Citi rates the stock as Buy
Citi does not expect APRA to follow the RBNZ’s lead in suspending bank dividend payments, as too many self-funded retirees rely on that income with the cash rate at 0.25%. The regulator has indeed flagged an opposite capital approach — easing the timing on “unquestionably strong” levels in the face of the crisis.
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CBA – Credit Suisse rates the stock as Upgrade to Neutral from Underperform
Credit Suisse downgrades earnings estimates on the back of the reduction in official cash rates but also taking note of an increase in bad debt provisions derived from economic stress.
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