CBA +5.58%: The No 2 stock on the ASX reported a strong 1H 2022 result today that was around 5% above market expectations. Cash earnings of $4.75bn v $4.51bn expected, a slightly better dividend at $1.75 and generally upbeat economic commentary had the buyers out in force with the ~5% rally adding 26 index points to the broader market. Partially offsetting the positivity was confirmation that competition for mortgages is intense, while low interest rates are also having an impact on margins which came in at 1.92%, the bears also questioning the quality given low bad debts. Overall, we viewed it as a strong result which underpinned strength in the broader banking sector today
MM remains bullish & long CBA
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