Commonwealth Bank Shares Climb on Profit Beat, Buyback
- Australia’s largest lender will buy back up to A$2 billion
- Signs bank can be “much more optimistic” about 2022: Comyn
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Commonwealth Bank of Australia shares rose more than 4% after first-half profit topped estimates and the nation’s largest lender said it will buyback up to A$2 billion ($1.4 billion) of its stock, a further sign the country’s economy is recovering from the pandemic.
Cash profit from continuing operations climbed 23% to A$4.75 billion in the six months ended Dec. 31, the Sydney-based bank said in a statement Wednesday. That beat the average analyst estimate for A$4.51 billion.