CBAâs three hurdles to buybacks and bigger dividends
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Commonwealth Bank CEO Matt Comyn revealed the bank is facing three obstacles to share buybacks and even bigger dividends as it announced a $3.9 billion cash profit on Wednesday and around $10 billion in excess capital.
CBA is poised to shower shareholders with as much as $2.7 billion in dividends in late March, after raising the first-half distribution by 53 per cent to $1.50 a share compared with the previous half.
However, the payout ratio of 67 per cent is just below the bankâs target range of between 70 per cent and 80 per cent, and Mr Comyn said the boardâs intention is to continue the tradition of delivering a bigger second-half dividend. But a number of hurdles remain.
CBA ramps up business lending to take on NAB
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Commonwealth Bank boss Matt Comyn wants to drive the post-COVID-19 economic recovery and become the countryâs largest lender to business, in a bid to knock National Australia Bank off its long-held position as the top business bank.
After pausing $51 billion of mortgage repayments for 158,000 home loan customers during an extensive triage process last year as COVID-19 ravaged the economy, Commonwealth Bank has shifted gear and says backing companies to return the economy to solid growth has become the core duty for banks.
CBA CEO Matt Comyn, right, and CFO Alan Docherty, at the bank on Wednesday. âI am not concerned at all about any degradation in lending standards,â Mr Comyn said.Â
Did you start a new Christmas tradition because of COVID-19? We spoke with some locals who did
Because of the pandemic, many people are staying home this year and creating new traditions to celebrate the holiday. Author: Daranesha Herron (KVUE) Updated: 9:29 AM CST December 26, 2020
AUSTIN, Texas The COVID-19 pandemic has changed the holidays for all of us, forcing many to switch up their family traditions this Christmas. KVUE asked last-minute shoppers what new traditions they started this year that will always be cherished. Well, we got our first Christmas tree, just the two of us, and we are going to make a prime rib and have a wholesome dinner, said Seth Beltran as he hugged his partner, Marshall Moulis.