Looks like I was wrong about the Commonwealth Bank of Australia (ASX:CBA) share price.
Despite facing headwinds on multiple fronts — including fines, falling house prices, highly indebted consumers and low wage growth — CBA still managed to report full year underlying cash profit growth of 3.7 per cent to just over $10 billion.
As has been widely reported, Commonwealth Bank results were messy.
Media love to report bad news, with many outlets focusing on the $700 million AUSTRAC fine, and one-off regulatory costs of $155 million mostly relating to the royal commission. Inclusive of all costs and discontinued operations, CBA’s full year cash profit fell 4.7 per cent.