Seems plenty of people have a horror story when it comes to CBA. I have mine from about 35 years ago and now they have control of BankWest which is starting its death throes thanks to CBA.
motherhood, motherhood, motherhood and money.
After WOW horrendous experience, CBA...“Our results demonstrate our continued focus on supporting our customers, our disciplined operational and strategic execution, and the strength of our balance sheet.
Many Australians continue to be challenged by cost of living pressures and a fall in real household disposable income. With slower economic growth and moderating demand, our strong balance sheet allows us to continue to support our customers and the broader economy, and deliver sustainable returns. We have made it easier for our customers to access hardship assistance; provided eligible homeowner customers with the option to suspend mortgage repayments; and supported all customers with access to money management tools.
We have remained focused on deepening our customer relationships, which drives higher engagement, and a better understanding of our customers' needs to deliver superior experiences. Our ongoing focus on customers has led to more than one in three Australian consumers and more than one in four Australian businesses naming us their main financial institution.
We have retained strong loan loss provision coverage, with surplus capital and conservative funding metrics. Our disciplined approach to managing our balance sheet settings positions us with flexibility and capacity for a range of economic scenarios, while continuing to deliver sustainable returns. We have declared a final dividend of $2.50 per share, fully franked, resulting in a full year dividend of $4.65.”
.
let's see if the market optimism
running up to the Report is justified.
I've heard some horrors from Macquarie, when you go to leave they make it difficult to pull your money out.After WOW horrendous experience, CBA...
I am not keen on cba as i believe it is the most expensive bank (for its shares) in the world, but i have recently had an abysmal experience with cba, my main bank for the last 30y.
First when to move a substantial amount of dollars after a settlement ,with horrendous service.or complete absence of.., and then yesterday, when i tried to have a business saving account.
cba at best 2.9% after jumping on loops
And the pain to do anything business wise.
Macquarie 4.6%.
I dropped by NAB on the way out
Entered the empty agency, reception was unattended, no bell to ring, waited 30s and left.
I opened the business accounts with Macquarie this morning .i own mqb shares, and will keep them...
If my customer experiences are in any way representative, and i think they are as it was the result of systems, national wide policies and not a specific individual or event, this is a warning light to me and a signal to get out in the short or medium term
Note: wow and cba were my week shocking customer experiences, none more in the pipeline..so far
but if you rent a postal address in Nigeria there is a reduced chance of complaints tracing your official office to the Caymans or Luxembourg .. and by the time they track down your bank ... ( they have probably gone broke on legal fees and travel fares )
they sure did for my buddy , was so annoyed he cancelled the ( prime ) share trading account as well
Which says it all, built on HL to suburban 3 bedrooms..
CBA shares are extremely overvalued!! Forward p.e. in the mid 20s for a bank stock with no or negative growth projected for the next 2 or 3 years. It has a higher p.e. ratio than Alphabet in the U.S. and people say U.S. blue chips are overvalued!!
I would take that as more of a sign that the Australian bank stocks and just Australian blue chip stocks in general are absurdly overvalued. If the list was ranked by earnings rather than market cap CBA would be much further down on the list!!
All with a div Yield thats only marginally better than AU02Y ( 2 year bond yield ) CBA is a bloated pig and seriously worth considering a short at current levels
Actually with a buy back the div yield is significantly higher in a round about way , also this explains the extra high SP to a degree . Buy backs take a lot of churn out of market .
I guess a large part of the buying is coming from index funds/etfs.
Our own Aussie black tulip..or is it racially incorrect?
There is nothing on the horizon in Australia , that will encourage traders and or longer term investers to move away from financials.
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