Commonwealth Bank’s share price has hit a five year high on the back of a third quarter profit of $2.4 billion. CBA remain as the most valuable stock on the ASX, with a price floating around $94 a share, having touched a height of $95.43 during the trading day, their highest since March 2015.
The Big Four bank put its success down to Australia’s strong recovery from the COVID-19 pandemic and the explosion in the housing market, along with lower expenses in loan impairment.
Home loan lending rose to $6.7 billion, with four fifths of CBA mortgage customers now back repaying their loans in full after the pandemic-induced pause.
158,000 home loan borrowers and 83,000 business customers had been on loan deferrals, but now 81% of mortgage customers and all business customers are now back on regular terms.
“The Bank remains well placed to support our customers and the broader community as the economic recovery from COVID-19 continues,” said CEO Matt Comyn.
“Our disciplined focus on operational excellence was reflected in continued strong operational performance in the March quarter. This was highlighted by strong home loan funding volumes, particularly through our proprietary network, and business lending growth continuing to grow at greater than three times system levels.”
