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The performance of investor favourites so far this year
Australia’s major banks are a portfolio staple for many Australian investors. Here’s what we know about their performance so far this year.
The performance of investor favourites so far this year
Australia’s major banks are a portfolio staple for many Australian investors. Here’s what we know about their performance so far this year.
After a roller-coaster year with the royal commission and property prices in free fall, bank profits are in recovery.
The three banks rose nearly $10 billion in profit, with Commonwealth Bank leading the charge.
The growth in the finance sector led to a strong day overall for the Australian market followed closely by the technology sector.
ANZ
ANZ Banking Group has met its expectations by announcing a 2 per cent rise in cash profits from continuing operations to just over $3.5 billion in the six months leading to March 31.
Key news for investors
With this result, ANZ will pay dividends of 80 cents per share, or roughly $2.27 billion to be paid out to shareholders.
Commonwealth Bank
The half-year profits for 2019 continued to deliver strong core growth, with cash net profit after taxes from continuing operations of $4,676 million or a 1.7 per cent growth.
Key news for investors
The strong result from Australia’s largest bank-led to a jump in share price on the morning of 1 May. Shareholders are in line for an interim dividend of $2.00 per share.
National Australia Bank (NAB)
NAB’s first-half profits in the six months to March rose by 4.3 per cent to $2.7 billion compared to the same period last year.
Key news for investors
NAB has cut its dividends by 16 per cent from 99 cents a share down to 83 cents.
Westpac
Westpac’s half-year results will be released on May 6.
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