Commonwealth Bank of delivered a respectable 2H26 result, with strong balance sheet growth, stable margins and lower-than-expected impairments supporting a modest earnings beat. However, mortgage applications have fallen 15% since the Budget, while increasing competition could pressure future growth and margins.
The key concern remains valuation. CBA trades at around 26x earnings and a 50–70% premium to peers, leaving limited room for disappointment despite the solid result.
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