SYDNEY, June 30, 2026, 02:06 AEST
- Commonwealth Bank of Australia ASX:CBA finished Monday 0.98% higher at A$163.61. The S&P/ASX 200 index (INDEXASX:XJO) added 0.68%.
- CBA traded at roughly 71% of its typical volume and 26.48 times earnings, which is about 47% higher than the average multiple for Westpac Banking Corporation ASX:WBC, National Australia Bank Limited ASX:NAB and ANZ Group Holdings Limited ASX:ANZ.
- The company posted flat operating income in its latest quarter, with loan impairment expenses at A$316 million and a provision top-up of A$200 million.
The ASX cash market was closed at 02:06 AEST in Sydney, outside its standard 10 a.m. to 4 p.m. session. Monday’s close is the most recent full cash-market price.
Commonwealth Bank of Australia climbed 0.98% to finish at A$163.61 on Monday, outpacing the S&P/ASX 200, which gained 59.2 points to close at 8,823.4. Volume was below average, with 1.79 million CBA shares traded versus the usual 2.51 million.
Monday’s action gave another look at CBA trading outside the pack. CBA’s P/E is still 26.48, a clear outlier versus Westpac, NAB and ANZ, which trade between 17.37 and 18.91 times earnings. CBA’s dividend yield is 3.03%, for now below rivals, which offer between 4.37% and 4.72%.
| Stock/index | Monday close | One-day move | Volume vs average |
|---|---|---|---|
| Commonwealth Bank | A$163.61 | up 0.98% | traded 1.79 mln, 71% of usual |
| Westpac | A$35.24 | rose 0.28% | vol 3.75 mln, 67% of average |
| NAB | A$37.89 | gained 1.01% | 4.09 mln shares, or 60% of typical |
| ANZ | A$35.20 | added 0.46% | volume 3.53 mln, 71% of normal |
| S&P/ASX 200 | 8,823.4 | rose 0.68% | n/a |
Google Finance supplied price and volume numbers, as did Monday’s ASX market recap from Commonwealth Bank’s newsroom.
| Bank | Market cap | P/E ratio | Dividend yield |
|---|---|---|---|
| Commonwealth Bank | A$273.80 bln | 26.48 | 3.03% |
| Westpac | A$120.53 bln | 17.37 | 4.37% |
| NAB | A$116.23 bln | 18.91 | 4.49% |
| ANZ | A$106.10 bln | 17.89 | 4.72% |
| WBC/NAB/ANZ average | A$114.29 bln | 18.06 | 4.53% |
CBA is trading at a P/E about 47% above the other three big banks. It has a market cap of A$273.80 billion, making up around 80% of the total value of Westpac, NAB and ANZ combined. The gap in dividend yield is also stark: CBA’s yield is sitting about 150 basis points under the average for its peers.
The shares remain 12.4% under the 52-week high of A$186.83, and are up 11.3% from the 52-week low of A$146.98. Monday’s move came within the past year’s band, well off a new high.
CBA’s March-quarter numbers show what’s pressuring the premium. Cash net profit after tax was around A$2.7 billion. Operating income didn’t move much; operating expenses went up 1%. The rise was due to bigger cloud-computing volumes, higher software licensing costs, and more AI spending, according to the bank. Loan impairment expense reached A$316 million. CEO Matt Comyn said CBA decided to “further top up our collective provisions.”
Credit quality isn’t showing big warning signs yet, but the picture isn’t spotless. Total provision coverage came to 1.57% of credit risk-weighted assets. Corporate troublesome and non-performing exposures were A$6.5 billion, about 0.94% of total credit exposure. Home-loan arrears moved up 6 basis points for the quarter. Credit-card arrears were up 2 basis points, personal-loan arrears jumped 30 basis points.
CBA faces new pressure on costs. Reuters said this month that Comyn expects companies will push harder on AI budgets in 2026. “Your token costs do not scale on a linear basis,” he said. That’s an issue for CBA, since its last quarterly cost rise already covered more spending on cloud, software and AI. Reuters
Bank valuations remain a focus for the sector. Andy Forster, senior investment officer at Argo Investments, told Reuters in May that Australian banks “still look pretty full from a valuation perspective.” The point stands out even more for CBA after Monday’s close, since it still trades at the highest multiple among peers. Reuters
The banks caught a lift from a stronger market Monday. The big four banks all finished higher as the S&P/ASX 200 was up 0.68%, and the All Ordinaries gained 0.7%. Tech stocks led with a 4.0% jump, rebounding after a 5.2% drop last week.
CBA is set to release full-year results and announce its final dividend on Aug. 12. The ex-date for the final dividend is Aug. 19, according to .
