The most important bank in Australia has released 1H22 earnings this morning that are ahead of expectations along with a $2bn on-market buy-back. Cash earnings of $4.75bn for the six-months to Dec was a 5% beat to consensus of $4.51bn, while the dividend of $1.75 was also a beat. Margins remained under pressure with Net Interest Margin (NIM) at 1.92% due to low rates, however they provided an interesting slide showing sensitivity analysis for each 0.25% increase in the cash rate which would add 4bps to NIM. All in all, a good result on first pass.
MM remains bullish & long CBA
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