Stock Review: Commonwealth Bank (CBA:AUD70.63) short sell volume in bottom 10% of Australia, increases


Dateline: Friday July 10, 2020
Commonwealth Bank of Australia (ASX:CBA), Australia's largest Bank by market cap, has increased 21.0c (0.3%) from its previous trading session to close at AUD70.63. Compared with the All Ordinaries Index which fell 38.6 points (0.6%) in the day, the relative price increase was 0.9%. The volume was 0.7 times the average daily trading volume of 4 million shares. The current short selling volume of 588,986 shares is 0.7 times its own historical average. The short-interest ratio defined by number of shares sold short/average daily volume was 0.2 for the day and as per that indicator, Commonwealth Bank's stock ranked in the bottom 10% of the Australian market. This is a bullish indicator. There were 2,954,790 shares worth AUD208.7 million traded today.

Stock Summary (traded in AUD)
Currency1 AUD = 0.69 USD Dividend Yield6.1%
Jul 10 closeAUD70.63SectorBank
Ave Daily Volume3,995,129 sharesShares Outstanding1,770,239,507
52-Week Range53.44 - 89.03Market CapAUD125 billion [USD86.7 billion]
P/E14.9EPS Growth (FY2019 vs FY2018)-8.7%


ADR Summary (traded in USD)
Home ExchangeAustraliaRatio1 ADR equals 1 ordinary share
CodeCMWAYTypeSponsored
ISINUS2027126000Jul 09 closeUSD48.69
CUSIP202712600Ave Daily Volume35,467 ADRs
*No. Held by Institutions1,525,49852-Week Range31.00 - 59.82
% of shares outstanding0.09% 


LINKS TO FURTHER INFORMATION ON CBA:

EXCEL TABLES ARE AVAILABLE TO EXPORT AS FOLLOWS:

+ LATEST FINANCIALS [FY 2019]:
http://www.buysellsignals.net/BuySellSignals/report/Australia/Stock/PDF/quarterly/xls/CBA_Financials.xls
+ NEWS ARCHIVES PAST 4 YEARS IN HTML
http://www.buysellsignals.net/BuySellSignals/report/Australia/Stock/Daily/Html/CBA_Corporate_Wire.html

INDEX

SECTION 1 News In The Past Quarter

SECTION 2 Corporate Profile

SECTION 3 Top shareholders

SECTION 4 Today's Bullish Signals

SECTION 5 Ongoing Bullish Parameters

SECTION 6 Today's Bearish Signals

SECTION 7 Ongoing Bearish Parameters

SECTION 8 Commonwealth Bank Board of Directors

SECTION 9 Dividend

SECTION 10 News Archives (Aug 2018 - Feb 2020)

Glossary

SECTION 1 News In The Past Quarter

1.1 People's News
Wed Jun 10, 2020
Shirish Apte was appointed Independent Non-Executive Director of Commonwealth Bank (ASX:CBA) six years ago on June 10, 2014. The shares were up from AUD59.3 to AUD71.6 and the total annualized return to shareholders (TRS) since appointment is 9.8%. The present value of AUD1,000 (PV1000) invested on the appointment date is now worth AUD1,757, a gain of AUD207 and dividend reinvested of AUD550.

Fri May 08, 2020
Sir David Higgins's performance as Director of Commonwealth Bank of Australia (ASX:CBA) is ranked in the top 10% of BuySellSignals performers for the past ten years; a percentile ranking of 90.2. In the last 10 years the average annualized return to shareholders was 11.3%. The 10-year average return is ranked 4,118 out of 41,829 public companies traded globally. A two-bagger, the present value of US$1,000 (PV1000) invested 10 years ago is now worth USD2,915; a capital gain of USD408 and dividend reinvested of USD1,507.

SECTION 2 Corporate Profile

2.1 Activities
Commonwealth Bank of Australia (CBA) is Australia's leading providers of integrated financial services, providing retail, business and institutional banking, funds management, superannuation, life insurance, general insurance, broking services and finance company activities. Their operations are conducted primarily in Australia and New Zealand. In addition, they also operate in a number of other countries, including the United Kingdom, the United States, China, Japan, Singapore, Hong Kong, Indonesia and South Africa.

2.2 Contact Details
Websitehttp://www.commbank.com.au/
Physical AddressGround Floor, Tower 1, 201 Sussex Street, SYDNEY, NSW, AUSTRALIA, 2000
Phone(02) 9378 2000
Fax(02) 9118 7192
Emaillouise.amos@cba.com.au


2.3 Industry & Sector
Classification LevelName of Sector
Business SectorBanking & Investment Services
Industry GroupBanking Services
IndustryBanks
Economic SectorFinancials


SECTION 3 Top shareholders

DateName of the Share Holder% of Capital
07-04-2020HSBC Custody Nominees22.4
07-04-2020J P Morgan Nominees Australia12.8
07-04-2020Citicorp Nominees Pty Limited6.1
07-04-2020National Nominees Limited3.1
07-04-2020BNP Paribas Noms Pty Ltd3.0
07-04-2020Bond Street Custodians Limited0.6
07-04-2020Australian Foundation Investment0.4
07-04-2020Netwealth Investments Limited0.2
07-04-2020Navigator Australia0.2
07-04-2020Milton Corporation Limited0.2
07-04-2020Argo Investments Limited0.2
07-04-2020Nulis Nominees (Australia)0.1
07-04-2020Mr Barry Martin Lambert0.1
07-04-2020Mccusker Holdings Pty Ltd0.1
07-04-2020Invia Custodian Pty Limited0.1
07-04-2020Australian Executor Trustees Limited0.1
07-04-2020Australian Executor Trustees0.1
07-04-2020BNP Paribas Noms (NZ) Ltd0.1
07-04-2020RBC Dexia Investor Services Australia Nominees Pty Limited0.1
07-04-2020Joy Wilma Lambert0.1


SECTION 4 Today's Bullish Signals

4.1 Rank in the top 4% by Relative Valuation in the Australian market
DescriptionValueRank
Cash to MCap %43.7In Top 4%


4.2 Short Selling
+ The current short volume is 0.7 times its own historical average of 0.05%. It plummeted 58.9% from the previous day, plummeted 25.2% from a week ago and plummeted 27.5% from a month ago, a significant bullish indicator.

4.3 Uptrend
Positive MACD:
- The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 70.24 minus the 26-day EMA of 68.85 is positive, suggesting a bullish signal. Both the 12-day EMA as well as the 26-day EMA are rising, another bullish signal.

Past Quarter:
- The shares had their best quarter in a year since the quarter ended July 10, 2019.

4.4 Undervaluation
Earnings Yield of 6.7% > Australian ave of 4.2% > Bond Yield of 0.9%:
- Earnings yield of 6.7% is greater than the Australian average earning yield of 4.2%.
- The earnings yield of 6.7% is 7.5 times the 10-year bond yield of 0.9%.
(All figures in %)
Earnings Yield6.7
Australian avg4.2
Dividend Yield6.1
Bond Yield0.9


Dividend Yield > Bond Yield of 0.89%:
The dividend yield of 6.1% is 6.85 times the triple-A bond yield of 0.89%. The times factor of 6.85 is above the benchmark factor of 0.67 times set by Benjamin Graham.
(All figures in %)
Dividend Yield6.1
Bond Yield0.89
Spread5.21


Dividend Yield of 6.1% > Index avg of 4.2%:
- The relative yield of the stock, defined by its yield of 6.1%, divided by average yield of dividend yielding stocks in the All Ordinaries Index of 4.2% is 146.3%. This suggests the stock is undervalued in dividend yield terms.
MCap/Total Assets:
- Tobin's Q Ratio, defined as MCap divided by Total Assets, is 0.1. Compared with the rest of the market the stock is undervalued and ranks in the top 2% of stocks by value of Q Ratio.
- The company is cash rich with Cash to Market Capitalisation at 43.7%.
Brand Value/Enterprise Value:
- Brandirectory have estimated Commonwealth Bank brand value at AUD7.6 billion. The Brand Value represents 6.4% of the estimated Enterprise Value of AUD118.7 billion. Enterprise Value is defined as MCap of AUD125 billion plus net debt of AUD-6.4 billion.

4.5 Other Bullish Signals
- Return on Equity of 12.0% versus sector average of 9.9% and market average of 7.9%.
- Return on Capital Employed of 40.5% versus sector average of 4.2% and market average of 5.2%.

SECTION 5 Ongoing Bullish Parameters


5.1 Annualised Period-based Total Shareholder Returns [TSR %]: The Best Periods with TSR > 6.4%
TSR %3 yrs5 yrs10 yrs20 yrs
CBA.ASX6.58.317.416.7


5.2 Present Value of AUD1000 Invested in the Past [3 Mo, 3 Yrs]; The Best Periods with PVAUD1000 > 1,125
PVAUD1,0003 mo ago3 yrs ago
CBA.ASXAUD1,126AUD1,212
Bank sectorAUD1,144AUD723
All Ordinaries IndexAUD1,113AUD1,047


5.3 Past quarter: price rise of 12.6%
3-Month price change of 12.6% for Commonwealth Bank outperformed the change of 11% in the All Ordinaries index for a relative price change of 1.6%.
Price Change %Quarter
Commonwealth Bank12.6
Bank sector12.1
All Ordinaries index11


5.4 Created Market Value [CMV] past 12 yrs of AUD32.1 billion
- Market Capitalization has increased by AUD60.6 billion from AUD64.4 billion to AUD125 billion in the last 12 years. This increase comprises cumulative retained earnings (RETE) of AUD28.5 billion and Created Market Value of AUD32.1 billion. The Created Market Value multiple, defined by the change in MCap for every AUD1 of retained earnings is exemplary at AUD2.13.

5.5 Increase in Insider Buying
In the past 5 years a total of 88,123,634 Commonwealth Bank shares (or 5.0% of the total shares on issue) worth AUD7.7 million were bought by insiders. Based on a dynamic start date of 5 years ago, insider buying has averaged 17,624,727 shares per year. In the past year, insiders bought 88,028,264 shares, a significant increase from the previous year.
YearNo. of SharesValue, AUD
1 Yr ago88,028,26434,398
2 Yrs ago33,2222,694,158
3 Yrs ago84162,938
4 Yrs ago61,3074,887,023
Total88,123,6347,678,517


5.6 Increased Volume, up 23% in 5 years
In the past five years, Average Daily Volume of Trading (ADVT) has increased 23.4% to 4 million shares.
Avg. Daily Volume Traded 12 months ended Jul 10, million shares
YearADVT
20204.0
20192.9
20182.9
20172.9
20163.2


5.7 Increased VWAP, up 19% in 5 years
In the past five years Volume Weighted Average Price (VWAP) has increased by 18.9% to AUD71.75. Based on a dynamic start date of five years ago, there has been no decline in VWAP over the last 5 years.
Past five years, 12 months ended Jul 10 (AUD)
YearHigh PriceVWAPLow Price
202089.0371.7553.44
201979.7468.1660.24
201872.1267.1160.19
201774.3466.1757.29
201667.2460.3354.86


5.8 Increased share turnover, up 39% in 5 years
In the past five years, average daily share turnover has increased 38.9% to AUD269.2 million. This suggests increased liquidity.
Past five years, 12 months ended Jul 10 (AUD million)
YearAverage Daily Turnover
2020269.2
2019199.9
2018196.3
2017194.8
2016193.8


SECTION 6 Today's Bearish Signals

6.1 Momentum Down 1.0% Past Week
The price ranged between a low of 69.88 on Wednesday, Jul 01 and a high of 71.57 on Friday, Jul 03.
DayCommonwealth BankClose price [AUD]Price change %Relative change %Comment
ThursdayFalls for a fourth consecutive day, a four-day fall of 1.6%70.42-0.2-0.9Falls for a fourth consecutive day
MondayDecreases71.42-0.2-0.3Steepest Fall
FridayHits a 23-day high71.570.70.3Week-high of 71.57
ThursdayAdds AUD2 billion in MCap, top heavyweight rise in Bank sector71.11.80.1Top Rise
WednesdayRises for a second consecutive day, a two-day rise of 1.9%69.880.70.0Week-low of 69.88


6.2 Rank in the bottom 11% by Relative Valuation in the Australian market
DescriptionValueRank
EV/EBITDA4.2In Bottom 11%


6.3 Rank in the bottom 17% by Price Performance in the Australian market
DescriptionValueRank
% Prem to Vol Wtd Price1.8In Bottom 17%


6.4 Downtrend

Trailing Relative Strength (6 months) at 49 percentile:
- The stock has a 6-month relative strength of 49 in the Australian market of 1,500 stocks and 21 units which means it has underperformed 51% of the market.

6.5 Overvaluation
Price/Earnings of 14.9 > sector avg of 11.7:
- Price/Earnings of 14.9 versus sector average of 11.7.

SECTION 7 Ongoing Bearish Parameters


7.1 Annualised Period-based Total Shareholder Returns [TSR %]: The Worst Period with TSR < -3.4%
TSR %1 yr
CBA.ASX-3.5


7.2 Present Value of AUD1000 Invested in the Past Year; The Worst Period with PVAUD1000 < 966
PVAUD1,0001 yr ago
CBA.ASXAUD965
Bank sectorAUD751
All Ordinaries IndexAUD891


7.3 Moving Annual Return of -2.8% in the past year:
Moving Annual Return was -2.8% in the past year. Based on a dynamic start date of 5 years ago, the real rate of return has averaged 8.8%
CBAClose (AUD)Dividends (AUD)Capital Gain / (Loss) %% YieldAnnual Return %
Jul 1070.634.31(8.4)5.6(2.8)
1 Yr ago77.134.3113.26.319.5
2 Yrs ago68.144.3(2.1)6.24.1
3 Yrs ago69.584.2119.67.226.8
4 Yrs ago58.184.2(10.2)6.5(3.7)


Close 5 years ago AUD64.76

7.4 MCap: 5-Year Decrease of AUD14 billion
In the past 5 years Market Capitalization has decreased by AUD14.3 billion (10%) from AUD139.3 billion to AUD125 billion. Based on a dynamic start date of 5 years ago, there have been declines in MCap in 4 out of 5 years.
  PriceMCap (AUD B)MCap (US$ B)
LastAUD70.6312586.7
1 Year agoAUD77.13143.899.6
2 Years agoAUD68.14133.999.9
3 Years agoAUD69.58142.1107.7
4 Years agoAUD58.18124.292.9
5 Years agoAUD64.76139.3103.5


7.5 EPS growth [FY2019 vs FY2018] of -8.7%:
There have been two rises and three declines in the past 5 years. Average Annual Compounded rate of growth in EPS for the 5 years was -1.8%.
FYEPS (AUD)Growth %
20194.74-8.7
20185.19-10.1
20175.779.0
20165.29-2.0
20155.44.0


SECTION 8 Commonwealth Bank Board of Directors

8.1 Board and Management
NameDesignationSince Appointment
Matt ComynChief Executive Officer, Managing Director2 Yrs, 3 Mos
Catherine LivingstoneChairman, Independent Non-Executive Director4 Yrs, 4 Mos
Alan DochertyChief Financial Officer1 Yr, 8 Mos
Brian LongIndependent Non-Executive Director9 Yrs, 10 Mos
Anne Templeman-JonesIndependent Non-Executive Director2 Yrs, 4 Mos
Andrew MohlIndependent Non-Executive Director12 Yrs
Wendy StopsIndependent Non-Executive Director5 Yrs, 4 Mos
Sir David HigginsIndependent Non-Executive Director-
Shirish ApteIndependent Non-Executive Director6 Yrs, 1 Mo
Robert WhitfieldIndependent Non-Executive Director2 Yrs, 10 Mos
Mary PadburyNon-Executive Independent Director4 Yrs
Clare McManusCompany Secretary3 Yrs, 4 Mos


8.2 Resignations in the past 4 years
NameDesignationDate of Resignation
Rob JesudasonChief Financial Officer14 May 2018
Ian NarevChief Executive Officer09 April 2018
David J TurnerChairman31 December 2016
John AndersonDirector09 November 2016
David CohenCompany Secretary30 June 2016
Jane HemstritchDirector31 March 2016


8.3 Profiles
Matt Comyn
CEO & Managing Director
Matt Comyn's appointment as Chief Executive Officer of the Commonwealth Bank took effect from 9 April 2018.
Matt has nearly 20 years' experience in banking across business, institutional, retail and wealth management. Since joining Commonwealth Bank Group in 1999 he has held a number of senior leadership roles including Managing Director of CommSec from 2006-2010.
Since 2012 Matt has overseen Retail Banking Services which accounts for half of the Group's profit and leads development of digital products and services for the Group.
Matt holds an Executive MBA from Sydney University, a Master's degree in Commerce majoring in finance and a Bachelor's degree in Aviation, both from the University of New South Wales. He has completed the General Management Program at Harvard Business School and is also a director of Unicef Australia.
Shareholder Value:
Creation of shareholder value in Commonwealth Bank:
Since appointment as CEO: The present value of AUD1,000 invested on the appointment date of April 09, 2018 at close price of AUD65.86 is AUD1,203, including a capital gain of AUD72 and dividend reinvested of AUD131.

Catherine Livingstone
Chairman & Independent Non-Executive Director
Catherine has been a Non-Executive Director since March 2016 and was appointed Chairman on 1 January 2017. She is a former Chairman of Telstra Corporation Ltd and of the CSIRO, and was Managing Director and Chief Executive Officer of Cochlear Ltd. She has served on the boards of Macquarie Group Ltd, Goodman Fielder Ltd and Rural Press Ltd. She is a former President of the Business Council of Australia and of the Australian Museum. In 2008, Catherine was awarded Officer of the Order of Australia.
Committees: Nominations Committee (Chairman), Risk Committee, Audit Committee and People & Remuneration Committee.
Shareholder Value:
Creation of shareholder value in Commonwealth Bank:
Since appointment as Independent Non-Executive Director: The present value of AUD1,000 invested on the appointment date of March 01, 2016 at close price of AUD57.37 is AUD1,619, including a capital gain of AUD231 and dividend reinvested of AUD388.

Alan Docherty
CFO
Alan became Chief Financial Officer on 15 October 2018, having acted in the role since May 2018. He joined Commonwealth Bank of Australia in 2003. Alan was previously Chief Financial Officer of the Institutional Banking and Markets division, which is responsible for managing the Group's relationships with major corporate, government, and institutional clients, and provides a full range of transactional and risk management products and services. Alan also led the CBA Group's regulatory and economic capital function.
Alan has more than 20 years' experience working with blue chip financial services organisations in both the UK and Australia. Prior to joining CBA, Alan worked for PwC in the UK, and Arthur Andersen and Ernst & Young in Australia.
He has a Bachelor of Accounting from the University of Glasgow, and is a Member of the Institute of Chartered Accountants of Scotland. Alan is married with three daughters.
Shareholder Value:
Creation of shareholder value in Commonwealth Bank:
Since appointment as CFO: The present value of AUD1,000 invested on the appointment date of October 15, 2018 at close price of AUD60.61 is AUD1,265, including a capital gain of AUD165 and dividend reinvested of AUD99.

Wendy Stops
Independent Non-Executive Director
Director of the Bank since March 2015. Wendy Stops is a member of the Remuneration Committee.
Ms Stops was Senior Managing Director, Technology - Asia Pacific for Accenture Limited from 2012 until her retirement in June 2014. In this role she had responsibility for over 11,000 professional personnel spanning all industry groups and technology disciplines across 13 countries in Asia Pacific.
Other most recent senior leadership positions held prior to this time included Global Managing Director, Technology Quality & Risk Management (2009 to 2012), Global Managing Director, Outsourcing Quality & Risk Management (2008 to 2009) and Director of Operations, Asia Pacific (2006 to 2008).
She also served on Accenture's Global Leadership Council from 2008 until her retirement. Ms Stops career at Accenture spanned some 32 years.
Other Directorships and Interests: Board Member of Fitted For Work Ltd, Council Member of the University of Melbourne and Member of Chief Executive Women, serving on the Scholarships and Marketing & Communications Committees.
Qualifications: Bachelor of Applied Science (Information Technology) and Graduate Member of the Australian Institute of Company Directors.
Ms Stops is a resident of Victoria. Age 56.
Shareholder Value:
Creation of shareholder value in Commonwealth Bank:
Month of appointment: March 2015
In the last 5 years the average annualized return to shareholders was 8.3%. The present value of AUD1,000 (PV1000) invested 5 years ago is now AUD1,487, a gain of AUD91 and dividend reinvested of AUD397.

Andrew Mohl
Independent Non-Executive Director
Andrew has been a Director since July 2008.
He is a member of the Risk Committee and the Remuneration Committee.
Andrew has over 40 years' financial services experience. He was Managing Director and Chief Executive Officer of AMP Limited from October 2002 until December 2007. Andrew's previous roles at AMP included Managing Director, AMP Financial Services and Managing Director and Chief Investment Officer, AMP Asset Management.
Previously, he was the Group Chief Economist, Chief Manager, Retail Banking and Managing Director, ANZ Funds Management at ANZ Banking Group. Andrew commenced his career at the Reserve Bank of Australia where his roles included Senior Economist and Deputy Head of Research.
Other Directorships and Interests: ASIC External Advisory Panel (Member) and CEDA Board of Governors (Member).
Qualifications: BEc (Hons) (Monash). Mr Mohl is a resident of New South Wales. Age 62.
Shareholder Value:
Creation of shareholder value in Commonwealth Bank:
Month of appointment: July 2008
In the last 10 years the average annualized return to shareholders was 17.4%. The present value of AUD1,000 (PV1000) invested 10 years ago is now AUD4,988, a gain of AUD1,409 and dividend reinvested of AUD2,579.

Robert Whitfield
Independent Non-Executive Director
Rob has been a Director since September 2017.
He is a member of the Risk Committee and the Nominations Committee.
He has significant banking and finance and senior management experience in the private and public sectors. He is a Director of New South Wales Treasury Corporation and was previously its Chairman. He is a former Secretary of NSW Treasury and NSW Industrial Relations.
Prior to NSW Treasury, Rob had a 30 year career with Westpac Banking Corporation and held various senior management positions, including Chief Executive Officer of the Institutional Bank, Chief Risk Officer, Group Treasurer and Chairman of the Asia Advisory Board. At Westpac, Rob developed a deep knowledge of equity and capital markets and was instrumental in developing Westpac's risk management function and strategies.
Shareholder Value:
Creation of shareholder value in Commonwealth Bank:
Since appointment as Independent Non-Executive Director: The present value of AUD1,000 invested on the appointment date of September 04, 2017 at close price of AUD64.88 is AUD1,300, including a capital gain of AUD89 and dividend reinvested of AUD211.

Sir David Higgins
Independent Non-Executive Director
Director of the Bank since September 2014. Sir David Higgins is the Chairman of the Remuneration Committee and a member of the Risk Committee.
Sir David is the Chairman of High Speed Two (HS2) Ltd, the company responsible for developing and promoting the UK's new high speed rail network. He is a senior advisor to Global Infrastructure Partners (US) and to Lone Star Funds. Prior to that, he was Chief Executive Officer of Network Rail Infrastructure Ltd which is involved in the maintenance and development of railway infrastructure throughout the UK.
From 2006 until 2011, he was Chief Executive Officer of the Olympic Delivery Authority where he oversaw the creation of the London 2012 Olympic Games venues, the Olympic Village and transport projects.
For the three years prior to 2005, he was Chief Executive Officer of English Partnerships, the UK Government's national housing and regeneration agency. In 1985, he joined Lend Lease, and was Managing Director and Chief Executive Officer of Lend Lease from 1995 until 2002.
Other Directorships and Interests: High Speed Two (HS2) Ltd (Chairman).
Qualifications: Bachelor of Engineering (Civil), USyd, and Diploma, Securities Institute of Australia.
Sir David is a resident of London, United Kingdom. Age 62.

Brian Long
Independent Non-Executive Director
Brian has been a Director since September 2010.
He is Chairman of the Audit Committee, a member of the Risk Committee and the Nominations Committee.
He retired as a partner of Ernst & Young on 30 June 2010. Until that time he was the Chairman of both the Ernst & Young Global Advisory Council and the Oceania Area Advisory Council. He was one of the firm's most experienced audit partners with over 30 years' experience in serving as audit signing partner on major Australian public companies including those in the financial services, property, insurance and media sectors.
Other Directorships and Interests: Brambles Limited, Cantarella Bros Pty Ltd, University of New South Wales (Council Member) and Centennial Park and Moore Park Trust (Trustee).
Qualifications: FCA. Mr Long is a resident of New South Wales. Age 71.
Shareholder Value:
Creation of shareholder value in Commonwealth Bank:
Month of appointment: September 2010
In the last 10 years the average annualized return to shareholders was 17.4%. The present value of AUD1,000 (PV1000) invested 10 years ago is now AUD4,988, a gain of AUD1,409 and dividend reinvested of AUD2,579.

Anne Templeman-Jones
Independent Non-Executive Director
Anne is an experienced listed company non-executive director, currently serving on the boards of HT&E Limited, GUD Holdings Limited, The Citadel Group Limited and WorleyParsons Limited. She is the former Chairman of the Commonwealth Bank's financial advice companies and is a former director of Cuscal Limited, Pioneer Credit Limited, TAL Superannuation Fund, and HBF's private health and general insurance companies.
Anne had a 30 year executive career developing deep operational, risk, governance and strategy experience. Early in her career she held audit and accounting roles with Price Waterhouse working in Australia and overseas. She gained experience in corporate banking with Bank of Singapore and then Westpac Banking Corporation, and in private banking with Australia and New Zealand Banking Group. Anne returned to Westpac in 2007 and went on to hold various senior management positions in private banking, risk and strategy until 2013. Her depth of experience has enabled her to serve as a Chair or Member of Audit and Risk Committees on current and past Boards.
Shareholder Value:
Creation of shareholder value in Commonwealth Bank:
Month of appointment: March 2018
In the last 2 years the average annualized return to shareholders was 7.8%. The present value of AUD1,000 (PV1000) invested 2 years ago is now AUD1,163, a gain of AUD37 and dividend reinvested of AUD127.

Shirish Apte
Independent Non-Executive Director
Director of the Bank since June 2014. Shirish Apte is Chairman of the Risk Committee and a member of the Audit Committee.
He was Co-Chairman of Citi Asia Pacific Banking from January 2012 until January 2014. Previously he was Chief Executive Officer of Citi Asia Pacific (2009 to 2011), with responsibility for South Asia, including Australia, New Zealand, India and ASEAN countries.
He has more than 32 years' experience with Citi, including as CEO of Central & Eastern Europe, Middle East & Africa and, before that, as Country Manager and Deputy President of Citibank Handlowy, Poland, where he is now Vice Chairman of the Supervisory Board.
Other Directorships and Interests: IHH Healthcare Bhd, Crompton Greaves Ltd, AIG Asia Pacific Pte Ltd, Clifford Capital Pte Ltd, Pierfront Capital Mezzanine Fund Pte Ltd (Chairman), Parkway Hospitals Singapore, Acibadem Hospital Group, Turkey and Supervisory Board of Citibank Handlowy, Poland.
Qualifications: Chartered Accountant, Institute of Chartered Accountants in England and Wales and Bachelor of Commerce (Calcutta), MBA (London Business School).
Mr Apte is a resident of Singapore. Age 63.
Shareholder Value:
Creation of shareholder value in Commonwealth Bank:
Since appointment as Independent Non-Executive Director: The present value of AUD1,000 invested on the appointment date of June 10, 2014 at close price of AUD59.31 is AUD1,733, including a capital gain of AUD191 and dividend reinvested of AUD542.

Mary Padbury
Non-Executive Independent Director
Director of the Bank since June 2016. Mary Padbury is a member of the Remuneration Committee and the Board Performance and Renewal Committee.
Ms Padbury is a pre-eminent intellectual property lawyer with an Australian and international legal career spanning over 30 years. She is a partner and the Vice Chairman of Ashurst, having been the Chairman of Ashurst Australia for eight years prior to the firm's full merger with Ashurst LLP into an integrated global firm in 2013.
Earlier in her career, Ms Padbury spent a number of years in the United Kingdom with boutique firm, Bristows, and as resident partner of Ashurst Australia. She has undertaken intellectual property work for Australian and multinational corporations in a range of technology areas and has extensive international, legal and governance experience.
Other Directorships and Interests: Ashurst (Vice Chairman), the Macfarlane Burnet Institute for Medical Research and Public Health Ltd, Australasian Gastro-Intestinal Trials Group, Chief Executive Women, Melbourne University Law School Foundation, Professional Standards Board for Patent and Trade Marks Attorneys (Chair) and Victorian Legal Admissions Board.
Qualifications: Bachelor of Laws (Hons) and Bachelor of Arts, University of Melbourne.
Ms Padbury is a resident of Victoria. Age 58.
Shareholder Value:
Creation of shareholder value in Commonwealth Bank:
Since appointment as Non-Executive Independent Director: The present value of AUD1,000 invested on the appointment date of June 14, 2016 at close price of AUD59.07 is AUD1,521, including a capital gain of AUD196 and dividend reinvested of AUD325.

Clare McManus
Company Secretary
Shareholder Value:
Creation of shareholder value in Commonwealth Bank:
Since appointment as Company Secretary: The present value of AUD1,000 invested on the appointment date of February 13, 2017 at close price of AUD68.82 is AUD1,260, including a capital gain of AUD26 and dividend reinvested of AUD234.

SECTION 9 Dividend

9.1 Dividend History
In the past 5 years annual dividends have increased by AUD0.1 from AUD4.2 to AUD4.3. Based on a start date of 5 years ago, there has been no decline in dividends over the last 5 years.
Date PaidValue (AUD)Type
19 Feb 20202Interim
14 Aug 20192.31Final
Tr 12 Months4.31 
13 Feb 20192Interim
15 Aug 20182.31Final
2018 - 20194.31 
14 Feb 20182Interim
16 Aug 20172.3Final
2017 - 20184.3 
22 Feb 20171.99Interim
17 Aug 20162.22Final
2016 - 20174.21 
16 Feb 20161.98Interim
18 Aug 20152.22Final
2015 - 20164.2 


SECTION 10 News Archives (Aug 2018 - Feb 2020)

10.1 Changes in Board (TTM)
November 13 2019: Commonwealth Bank of Australia: Executive Leadership Team update
13 NOVEMBER 2019 (SYDNEY): Chief Executive Officer of the Commonwealth Bank, Matt Comyn, today announced changes to the Gro up's Executive Leadership Team.
Adam Bennett, Group Executive Business and Private Banking, has decided to leave the Group at the end of January 2020
Source: Australian Securities Exchange

February 25 2019: Commonwealth Bank of Australia: Retirement of Anna Lenahan
Monday, 25 February 2019 (SYDNEY) : Commonwealth Bank today announced Anna Lenahan, Group General Counsel and Group Executive Group Corporate Affairs, will retire effective 30 June 2019.
"Anna has played a critical role in helping to steer the Group th r ough a wide variety of legal and regulatory challenges including AUSTRA C, BBSW, the APRA Inquiry and the Royal Commission, as well as important transactions that will simplify the Bank including the sale of CommInsure Life to AIA and Colonial First State Global Asset Management to Mitsubishi UFJ Trust and Banking Corporation, " said Matt Comyn, Chief Executive Officer.
Source: Australian Securities Exchange

October 15 2018: Commonwealth Bank of Australia appoints Chief Financial Officer
Commonwealth Bank of Australia has appointed Alan Docherty as Chief Financial Officer. The effective date is Monday, October 15.

10.2 Dividends
February 13: Commonwealth Bank of Australia announces dividend
Commonwealth Bank of Australia today announced an interim dividend of $A2.0 per share, franked to 100%. The ex-dividend date is Wednesday, February 19, 2020 and the record date is Thursday, February 20, 2020 and it is payable on Tuesday, March 31.

August 08 2019: Commonwealth Bank of Australia announces dividend
Commonwealth Bank of Australia today announced a final dividend of $A2.31 per share, franked to 100%. The ex dividend date is Wednesday, August 14, 2019 and the record date is Thursday, August 15, 2019 and it is payable on Thursday, September 26.

February 07 2019: Commonwealth Bank of Australia announces dividend
Commonwealth Bank of Australia today announced an interim dividend of $A2.0 per share, franked to 100%. The ex dividend date is Wednesday, February 13, 2019 and the record date is Thursday, February 14, 2019 and it is payable on Thursday, March 28.

August 09 2018: Commonwealth Bank of Australia announces dividend
Commonwealth Bank of Australia today announced a final dividend of $A2.31 per share, franked to 100%. The ex dividend date is Wednesday, August 15, 2018 and the record date is Thursday, August 16, 2018 and it is payable on Friday, September 28.

10.3 Share Capital
September 23 2019: Commonwealth Bank of Australia: Issue of AUD 100 Million Worth of Subordinated Notes
23 September 2019 : Commonwealth Bank of Australia ( CBA ) is pleased to confirm that today it will issue AUD 100 million worth of subordinated notes. The AUD 100 million 3. 6 6 percent subordinated notes due 2034 ( Subordinated Notes ) will be issued pursuant to CBA's U.S.$ 7 0,000,000,000 Euro Medium Term Note Program me ( EMTN Program me ). Terms used but not defined in this announcement are defined in the information memorandum for the issue of the Subordinated Notes under the EMTN Programme dated 3 July 2019 ( Information Memorandum ).
Source: Australian Securities Exchange

10.4 Meetings
August 07 2019: Commonwealth Bank of Australia announces AGM
Commonwealth Bank of Australia has announced its Annual General Meeting will take place on Wednesday, October 16.

August 08 2018: Commonwealth Bank of Australia announces AGM
Commonwealth Bank of Australia has announced its Annual General Meeting will take place on Wednesday, November 07.

10.5 Press Releases
February 12: Independent Review of CBA Remedial Action Plan Fifth Report
This is Promontory's fifth report ( Fifth Report ) in relation to execution of the RAP. The Report provides an update on actions CBA has taken to execute the RAP in the period from 1 July 2019 to 30 September 2019. It also provides an update on CBA's program management of the RAP.
Source: Australian Securities Exchange

February 12: Commonwealth Bank of Australia: 2020 Half Year Results ASX Announcement
Chief Executive Officer, Matt Comyn : "Our focus on strong execution in the Bank's core franchise has delivered a solid result. In an environment characterised by low interest rates and relatively low credit growth, our banking businesses performed well, leading to strong volume growth in home lending and deposits.
Source: Australian Securities Exchange

February 12: Commonwealth Bank of Australia: ASB Half Year Financial Results
ASB today reported a statutory net profit after taxation (NPAT) of $ 599 million for the six months ended 3 1 December 2019. This represents a 5 % decrease on the prior comparative period. This included a one - off $ 28 million loss on the sale of Aegis, its funds administration business.
Source: Australian Securities Exchange

February 12: Commonwealth Bank of Australia: Update on Prudential Inquiry Remedial Action Plan
Wednesday 12 February 2020 (SYDNEY): Commonwealth Bank of Australia (CBA) today released the Independent Reviewer, Promontory Australia's, fifth and sixth rep orts into the progress of CBA's Prudential Inquiry Remedial Action Plan.
The reports provide an update on actions CBA has taken to deliver the Remedial Action Pla n (RAP). The Independent Reviewer noted CBA has made ' solid progress ' and 'remained on track' to deliver the plan
Source: Australian Securities Exchange

February 12: Commonwealth Bank of Australia: 2020 Half Year Results Profit Announcement
This half year report is provided to the ASX under Rule 4.2A. R efer to Appendix 4.3 ASX Appendix 4D for disclosures required under ASX Listing Rules.
This report should be read in conjunction with the 30 June 2019 Annual Financial Report of the Commonwealth Bank of Australia and any public announcements made in the period by the Group in accordance with the continuous disclosure requirements of the Corporations Act and ASX Listing Rules.
Source: Australian Securities Exchange

January 23: Commonwealth Bank of Australia: Class action against Colonial First State Investments Ltd
Thursday, 23 January 2020 (Sydney) : Commonwealth Bank of Australia ( ASX: CBA) today acknowledges that class action proceedings have been filed by Shine Lawyers against Colonial First State Investments Limited (CFSIL), a subsidiary of CBA. The proceedings have also been brought against The Col onial Mutual Life Assurance Society Limited (CMLA), the key life insurance entity of CommInsure Life. CMLA is a subsidiary of CBA but became a non - consolidated entity on 1 November 2019.
Source: Australian Securities Exchange

November 12 2019: Commonwealth Bank of Australia: September Quarter 2019 Trading Update
The Bank remains well placed in a challenging operating environment, characterised by global macro - economic uncertainty and historically low interest rates. Our strong capital position and balance sheet settings mean we are well placed to meet the needs of our customers, illustrated by good volume growth in our core markets of home lending, business lending and household deposits. In a low interest rate environment we will continue to maintain a disciplined approach that delivers balanced outcomes for all our stakeholders, including over 6 million savings customers, 1. 6 million home loan customers and 800, 000 retail shareholders, including many retirees, who rely on our dividend.
Source: Australian Securities Exchange

August 07 2019: CBA provides update on its aligned advice businesses
Wednesday, 7 August 2019 (SYDNEY): Commonwealth Bank of Australia (CBA) today provided an update on its aligned advice businesses, confirming it will commence the assisted closure of Financial Wisdom Limited (Financial Wisdom). This decision follows the sale of Count Financial Limited (Count Financial) to CountPlus Limited (CountPlus), wh ich received approval from i ts shareholders this week, and the recent decision to allow Commonwealth Financial Planning Limited - Pathways (CFP - Pathways) advisers to transition to a self - licensing arrangement or move to another licensee.
Source: Australian Securities Exchange

August 07 2019: Commonwealth Bank of Australia: Update on Prudential Inquiry Remedial Action Plan
Update on Prudential Inquiry Remedial Action Plan

August 07 2019: Commonwealth Bank of Australia: 2019 Full Year Results ASX Announcement
We have simplified our business including through the sale of Sovereign, TymeDigital, Count Financial and Colonial First State Global Asset Management, and have announced our exit from aligned advice.
Source: Australian Securities Exchange

August 07 2019: Commonwealth Bank of Australia: Transcript Matt Comyn video
Matt Comyn: The key takeaways from my perspective are we're making very good progress on becoming a simpler and better bank. Our core franchise is continuing to perform very well. Our home lending balances are up 4% which is above the syst em. Our business lending is also up 4% and we've continued to see strong transaction deposit growth of 9% for the year.
Source: Australian Securities Exchange

August 07 2019: Commonwealth Bank of Australia: 2019 Annual Results Profit Announcement
This preliminary final report is provided to the ASX under Rule 4.3A. Refer to Appendix 6.3 ASX Appendix 4E on pag e 12 5 for disclo sures under ASX Listing Rules.
Source: Australian Securities Exchange

July 09 2019: Commonwealth Bank of Australia: APRA's decision on loss-absorbing capacity of ADIs
Tuesday, 9 July 2019 ( SYDNEY ): C ommonwealth Bank of Australia ( CBA ) today notes the response by Australian Prudential Regulatory Authority ( APRA ) to the submissions for the November 2018 consultation paper on the loss - absorbing capacity ( LAC ) of Authorised Deposit - taking institutions ( ADIs ).
Source: Australian Securities Exchange

June 19 2019: CBA Instalment Warrants Reset Announcement
Commonwealth Bank of Australia (CBA) Equity Products Gr ou p advises that, further to our announcement dated 20 May 201 9, the following Instalment Warrants have been reset after close of trading on 1 8 June 201 9. The table below shows the Interest Amount and the new Loan Amount. The new Interest Amount drawn down has been added to the Loan Amount. Holders are not required to make any additional payments from their own funds in relation to this reset
Source: Australian Securities Exchange

June 13 2019: CBA announces divestment of Count Financial
Thursday, 13 June 2019 (Sydney): Commonwealth Bank of Australia (CBA) has today entered into an agreement to sell Count Financial Limited (Count Financial) to ASX - listed CountPlus Limited (CountPlus) for $2.5 million (the Transaction). CountPlus is a logical owner of Count Financial given its historical corporate relationship and equi ty holdings in 15 Count Financial member firms.
Source: Australian Securities Exchange

May 30 2019: Commonwealth Bank of Australia: Suspension and Removal from Official Quotation - CBAHX
Commonwealth Bank of Australia 2.00% 5 - year Covered Bonds due 18 June 2019 - Suspension of Class (ASX: CBAHX ) from Official Quotation
Source: Australian Securities Exchange

April 18 2019: Commonwealth Bank of Australia: Colonial First State Fee Cuts
18 April 2019: Colonial First State today announced significant fee reductions across its superannuation and investment platforms, reducing the cost of investing for over 500,000 members.
Source: Australian Securities Exchange

March 18 2019: Commonwealth Bank settles R&D tax matter
Monday, 18 March 2019 (SYDNEY) : Commonwealth Bank of Australia (CBA) and the Australia n Taxation Office (ATO) have entered into an agreement relating to Research and Development (R&D) tax claims.
Under the agreement terms, CBA has agreed to withdraw from all current proceedings with the ATO and Innovation and Science Australia (ISA) before the Administrative Appeals Tribunal ( AAT) in respect of the eligibility of R&D claims that were made for the years ended 30 June 2012 and 30 June 2013 relating to the CBA core banking modernisation project that involved digital transformation and software development. All other prior year mat ters have also been finalised.
Source: Australian Securities Exchange

March 14 2019: Commonwealth Bank of Australia: Wealth management and mortgage broking businesses update
Thursday, 14 March 2019 (SYDNEY): Commonwealth Bank of Australia (CBA) has today provided an update on its remediation and demerger plans for its wealth management and mortgage broking businesses.
The update follows the release la st week of CBA's full response to implementing the recommendations from the Royal Commission.
Source: Australian Securities Exchange

March 08 2019: CBA updates on actions for the Royal Commission
Friday, 8 March 2019 (SYDNEY) : Attached is the opening statement by Commonwea lth Bank CEO Matt Comyn before t he House of Representatives Standing Committee on Economics - Review of the Four Major Banks.
A table outlining CBA's progress and action s to address the recommendations of the Royal Commission is also attached.
Source: Australian Securities Exchange

February 06 2019: Commonwealth Bank of Australia: ASB Half Year Results Media Release
ASB today reported a statutory net profit after taxation (NPAT) of $ 6 30 million for the six months ended 31 December 2018. This represents a 6 % increase on the prior comparative period.
Cash NPAT was $ 6 0 8 million, an increase of 6 % on the prior comparative period. Cash NPAT presents ASB's underlying operating results and e xcludes items that introduce volatility and/or one - off distortions which are not considered representative of ASB's on - going financial performance 1.
Source: Australian Securities Exchange

February 06 2019: Commonwealth Bank of Australia: Update on Prudential Inquiry Remedial Action Plan
Wednesday, 6 February 2019 (SYDNEY) : Commonwealth Bank of Australia (CBA) today released Promontory Australasia's second independent report into CBA's progress against its Remedial Action Plan.
The Remedial Action Plan was designed to address all of the recommendations of APRA's Prudential Inquiry into CBA release d in May 2018, with the goal of strengthening governance, cu lt ure and account ability. The report provides an update on actions CBA has taken to execute against the Remedial Action Plan to 30 November 2018
Source: Australian Securities Exchange

February 06 2019: Commonwealth Bank of Australia: 2019 Half Year Results ASX Announcement
CBA continued to deliver strong core business outcomes in a challenging period. The highlights included robust transaction deposit growth and strengthened balance sheet resilience with the Bank now above 'unquestionably strong' capital requirements. We maintained our focus on being best in digital and achieved leading rankings for the CommBank mobile banking app and for digital customer advocacy. We are also on track to deliver a more focused portfolio of businesses in line with our competitive advantages.
Source: Australian Securities Exchange

February 06 2019: Commonwealth Bank of Australia: Redemption of ASB Capital Perpetual Preference Shares
6 February 2019 (Sydney): Commonwealth Bank of Australia ( CBA ) today announce d that it intends to redeem ASB Capital Limited Perpetual Preference Shares and ASB Capital N o.2 Limited Perpetual Preference Shares, at par plus any accrued dividends, on 15 May 2019.
The securities are listed on the New Zealand Stock Exchange and currently qualify as the Group's Additional Tier 1 capital under APRA's Basel III transitional arrangements.
Source: Australian Securities Exchange

January 18 2019: Commonwealth Bank of Australia: Update on non-cash items and 1H19 financial comparatives
Friday, 18 January 2019 (Sydney): Commonwealth Bank of Australia (CBA) today provides an update on unaudited non - cash items, changes to financial reporting and 2019 Interim financial comparatives (refer to Attachment A for detailed comparative tables).
Source: Australian Securities Exchange

October 09 2018: CBA takes further action to improve its wealth businesses
Tuesday, 9 October 2018. Commonwealth Bank today announced further actions to improve outcomes for wealth managem ent customers including the rebating of grandfathered commissions for Commonwealth Financial Planning (CFP) customers, and a review and remediation program for any instances where unauthorised advice fees have been charged to deceased estates.
Source: Australian Securities Exchange

September 12 2018: Commonwealth Bank announces continued Board renewal
Wednesday, 12 September 2018 : The Chairman of the Commonwealth Bank of Australia, Catherine Livingstone, today announced the appointment of Paul O'Malley to the Bank's Board of Directors.
Paul O'Malley has been appointed as an Independent Non - Executive Director with effect from 1 January 2019.
Source: Australian Securities Exchange

August 08 2018: Commonwealth Bank of Australia: ASB 2018 Media Release
ASB today reported statutory net profit after taxation (NPAT) of $1,1 77 million for the twelve months ended 30 June 2018. This represents a 10 % increase on the prior year. Cash NPAT was $1,1 43 million, an increase of 1 2 % on the prior year.
Cash NPAT presents ASB's underlying operating results and excludes items that introduc e volatility and/or one - off distortions, which are not considered representative of ASB's on - going financial performance P 0F 1 P.
Source: Australian Securities Exchange

August 08 2018: Commonwealth Bank of Australia: 2018 Corporate Governance Statement
The Commonwealth Bank of Australia (Bank ) is committed to creat ing long - term value sustainably through improving the financial wellbeing of its customers and communities. Strong c orporate governance is critical in supporting the Bank to fulfil this purpose.
Source: Australian Securities Exchange

August 03 2018: Commonwealth Bank of Australia: Revised Group Securities Trading Policy
Friday, 3 August 2018: Commonwealth Bank (CBA) revised its Group Securities Trading Policy with effect from 1 August 2018. T he revised policy is attached in accordance with ASX Listing Rule 12.1
Source: Australian Securities Exchange

Glossary

ADVT: Average Daily Volume of shares Traded
Annual Return: Dividends Paid In a 12-Month Period/Price at the Beginning of the Period + Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)
Capital Gain/Loss from n Years Ago to n-1 Years Ago: Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)
Cash/MCap: Cash plus Liquids/Market Capitalisation (times)
Dividend Yield: Dividend Per Share/Share Price (%)
Earnings Yield: Earnings Per Share/Share Price (%)
Income during the n years (3/2/1): Dividends received during the Period
PV1000: Present value of 1000 invested 1 year/'n' years ago
Price/Earnings: Share Price/Earnings Per Share (times)
Relative Price Change [RPC]: Relative price change is price change of stock with respect to Benchmark Index
Relative Strength (6 Months): Price close today/Price close 6 months ago, then ranked by percentile within the entire market.
Return on Equity (Shareholders' Funds): Net Profit/Net Assets (%)
TSR: Total Shareholder Returns is expressed as an annualized rate of return for shareholders after allowing for capital appreciation and dividend
TTM: Trailing 12 Months
Volatility: Highest Price minus Lowest Price/Lowest Price (%)
Volume Index (VI): Number of shares traded in the period/Average number of shares traded for the period
Volume Weighted Average Price (VWAP): The Volume Weighted Average Price (VWAP) is the summation of turnover divided by total volume in the same period.

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