Also higher were operating income – up 1%, and underpinned by growth in lending volume and higher trading income – and operating performance, which was 1% higher than the first half quarterly average, and 6% higher the prior comparative quarter.

CBA was also buoyed by stronger data for business loans, which rose 9.1% to $3.7 billion from the previous quarter.

But the bank also underscored a 1% rise in operating expenses during the period, as a result of higher spending on technology and frontline staff, and partly offset by two less days in the quarter and the benefit of ongoing productivity initiatives.

CEO Matt Comyn said the bank was navigating successfully through a period which he acknowledged was ‘challenging’ for many Australian households and businesses as a result of cost-of-living pressures.

“Our focus on supporting our customers, investing in our franchise to deliver superior customer experiences and executing our strategy with consistency and discipline has delivered solid results for our shareholders,” he said.

“Our balance sheet settings remain strong. We have maintained strong capital and provisioning levels, and have successfully completed our FY25 funding task during the March quarter.

“Our deliberate and long-term conservative approach to key balance sheet settings enables us to support our customers, the economy and our shareholders through a range of macroeconomic scenarios.”

CBA shares have been $166.14.

Join the discussion: See what HotCopper users are saying about CBA and be part of the conversations that move the markets.

There was positive news: The bank registered an increase of 2% in its net interest income for the year (to $18.75 billion in FY24, compared to $18.32 billion in FY23), and provided a final dividend of 76 cents fully franked – this was up 6% from the previous year, and means a total of $1.51 for the year.

CEO Peter King said he had been pleased with several developments at Westpac in the last year.

“Our disciplined performance in FY24 has set Westpac up for growth and success,” he said.

“We’ve significantly improved our customer service, grown in key segments and delivered another financial result built on a solid balance sheet and capital position.

“We’ve continued to manage margins well in a competitive environment while growing in line with system in loans and deposits.

“The Consumer division built momentum in the second half and performance in Business has been a standout.

“Westpac’s capital position is one of the strongest I’ve seen, allowing us to further increase the share buyback program by $1 billion. In addition, fully franked ordinary dividends increased by 6% this year with a final dividend of 76 cents per share.”

Westpac shares rose after the report, and at 12:51 AEDT they were trading at $32.23 – a rise of 0.4% since the market opened.

Join the discussion: See what HotCopper users are saying about Westpac and be part of the conversations that move the markets.

The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.

Host Filip Tortevski argues ANZ has ‘really performed’.

“All things are leading to a nice continued run-up and resumption of this very uniform up-trend that it’s experiencing,” he said.

“As ANZ runs through these uptrends, it does experience more sharpness in its moves, and that’s when, really, you need to pay attention.

“Be prepared for upside, but also be prepared that at some time this upside will subdue.”

Mr Tortevski says history suggests the stock could test the $31.80 level.

ANZ closed below $30 today.

Uranium producer Paladin Energy (ASX:PDN) is Mr Tortevski’s ‘Proceed with Caution’ pick this week.

He said it was a positive caution, because the stock had been in a bullish uptrend, but was volatile and had pulled back close to 50%.

It closed at $10.24 today.

Mr Tortevski’s ‘Not Hot’ stock pick this week is Liontown Resources (ASX:LTR).

The lithium play has plummeted from its highs around $3.20 in June last year, in the days when it was pursued by Albemarle. Since then Gina Rinehart has secured 19.9% and Albemarle has sold down its 4% stake.

While Liontown produced its first spodumene recently from the Kathleen Valley project, Liontown was at a 52-week low yesterday. It closed below 80 cents today.

Dale Gillham is Chief Analyst at Wealth Within and international bestselling author of How to Beat the Managed Funds by 20%. He is also the author of Accelerate Your Wealth—It’s Your Money, Your Choice, which is available in bookstores and online at www.wealthwithin.com.au

Disclaimer: While Wealth Within holds an Australian Financial Services License (AFSL:226347) the information featured in this program is general in nature and therefore should not be relied upon. Before making any investment decisions, you should consult a licensed professional who can advise whether your investment decisions are appropriate for you.

The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.

Futures are suggesting the index will fall close to another third of a per cent, which would extend the week’s falls to 3 per cent.

US markets were mixed: The S&P500 shed 0.2%, the Nasdaq was down 0.1%, while the Dow Jones was up 0.17%.

New Zealand’s inflation data will be out today and late in our session UK numbers will also land.

In stocks to watch: Gina Rinehart has upped her stake in Lynas Rare Earths (ASX:LYC) to more than 5.8 per cent. At this point in time, Lynas is considered the rare earths’ leader outside of China.

The Bank of Queensland (ASX:BOQ) has released half yearly results to the end of February, showing a net profit after tax of $172 million, down 33 percent on the same period in 2023. It’s dividend will also be 3 cents lower at 17 cents.

Rio Tinto (ASX:RIO) has released an operational update upholding its 2024 guidance across all production divisions and cost predictions.

And Sky City Entertainment Group (ASX:SKC) has appointed a strategic advisor from Aristocrat Leisure (ALL) Jason Walbridge to be its new CEO from July.

One Aussie dollar is buying US64 cents. Gold is holding just below US$2385, iron ore is also steady at around US$106.

Brent oil has dropped to just below US$90 a barrel, and natural gas is around US$1.68 per million British thermal units.

The All Ordinaries – Australia’s index of the largest 500 companies – also forged new ground, climbing through the day to a new high of 8112, before closing just 5 points below that.

Looking at the sectors: Financials gained the most – up 2 per cent, while Healthcare and Consumer Staples both gained more than 1.2 per cent.

Financials was boosted by the performance of Virgin Money Uk Plc (ASX:VUK) which gained well over 30 per cent after Britain’s largest building society offered $5.7 billion to privatise the company. The offer was a 38 per cent premium to the market price on Wednesday. The bank, Virgin Money, came about through the merger of Virgin and Clydesdale & Yorkshire Banking Group in 2018.

Meanwhile, the Industrials sector was the only one to fall into the red, but only by the tiniest of margins, 0.02 per cent.

Anti-infective developer Recce Pharmaceuticals (ASX:RCE) closed up 4.5 per cent after it received an A$11.17 million Research & Development advance from Endpoints Capital.

Along with the recent Advanced Overseas funding from the Australian Government of A$54.9 million, the company’s activities are covered until mid-next year.

The company is developing intravenous and topical anti-infective R327 to treat UTI infections, sepsis and burns.

RCE closed the day at 46 cents.

Industrial services company SRG Global (ASX:SRG) has closed the day more than half a per cent in front after securing a $35 million contract to improve the Port Kembla wharf in New South Wales.

The contract, with subsidiary BlueScope Steel (ASX:BSL), will focus on marine remediation services vital for international trade for bulk agricultural, construction and mining industries.

Works are already underway and are set for completion in 2026.

SRG closed the day at 77 cents.

And global multi-boutique asset manager, Pacific Current Group (ASX:PAC) gained more than 3.5 per cent after its subsidiary Northern Lights Midco sold down its Chess depository interests in GQG Partners (ASX:GQG).

PAC held 119.12 million, of GQG’s market cap and nearly 20% of its float.

PAC received A$257.3 million in cash proceeds, which will be used to reduce debt, return capital, and fund dividends and new investments.

Settlement will occur next week.

PAC closed the day at $9.65.

GQG however lost nearly 1.8 per cent on the news to close at $2.20.

Juno Minerals (ASX: JNO) shed 15.5 per cent on completing its Mount Ida Lithium Prospect Phase 2 exploration drilling program.

30 Reverse Circulation holes were drilled, with a focus on subsurface lithium, caesium and tantalum. More than 1600 samples were analysed by a lab, but no significant results were recorded, with only low levels of lithium, tantalum and tin reported.

JNO closed the day at 6 cents.

Online retailer Cettire (ASX:CTT) has continued to decline, down another 2.74 per cent, after a media investigation earlier this week alleged the company hadn’t paid taxes.

Cettire has denied all allegations, but its shares have lost 18.5 per cent for the week.

CTT closed at $3.90.

And jewellery retailer Michael Hill International (ASX/NZX: MHJ) fell 1.4 per cent after non-executive director Jacquie Naylor resigned from the Board, effective next month.

Ms Naylor had served with Michael Hill since 2020 whilst also on other boards, including for Myer Holdings (ASX:MYR).

Michael Hill is seeking a replacement.

MHJ closed the day at 68.5 cents.

The energy sector continued to widen its losses to close down nearly 1.2 per cent.

Galan Lithium (ASX:GLN) traded up nearly 8 per cent after securing an offtake agreement with Glencore for up to 100 per cent of the lithium it produces from its Hombre Muerto West Lithium Project in Argentina.

The deal also includes a finance prepayment facility of up to $100 million. Galan is looking to begin production in the first half of 2025.

GLN closed at 75 cents. 

Australian grains producer Graincorp (ASX:GNC) gained 1.75 per cent after announcing a $50 million buyback despite its annual profit falling for the year to the end of September.

Revenue was up 4.6 per cent to nearly $8.23 billion, but EBITDA was down 19 per cent to $565 million. Net Profit After Tax was 34 per cent lower at about $250 million, as the company faced challenges including flooding in New South Wales and Victoria early this year.

Graincorp announced a fully franked final dividend of 30 cents bringing the annual total dividend in line with FY22 – to 54 cents a share.

GNC closed at $7.55.  

And Vulcan Energy Resources (ASX:VUL) closed up 5 per cent after its Bridging Engineering Study showed the CapEx for its Zero Carbon Lithium Project in Germany could be reduced by close to $170 million. It also lowered the project’s operating costs and risk profile. 

Vulcan claims it can also minimise exposure to commodity price volatilities with production at the lowest cost quartile and binding offtake agreements. It’s on track to produce lithium hydroxide for 500,000 battery electric vehicles a year.

Vulcan closed at $2.71.

AMP Limited (ASX:AMP) lost more than 15 percent today, having announced it’ll launch a new digital bank through an alliance with the software-as-a-service subsidiary of the UK’s Starling Bank.

The Engine by Starling platform will cost $60 million to build, and, when it goes live in 2025, it’ll target sole trader and small business customers with up to 20 staff.

AMP admitted the new bank won’t be profitable until 2027. It also provided weaker guidance for the year ahead.

AMP closed at 85.5 cents. 

New-Zealand renewable energy play Infratil Limited (ASX:IFT) shed 2.5 per cent despite revealing its half-yearly net profit more than doubled – thanks to increasing its ownership of mobile telco One NZ to 100 per cent from less than 50 per cent in June.

Infratil reported a net profit of $1.12 billion in the six months to September.

IFT closed at $9.54.

And Future Battery Minerals (ASX:FBM) took a dive of more than 16.5 per cent, on its latest reverse circulation and diamond drilling results from its Kangaroo Hills Lithium Project in Western Australia.

Assays revealed four metres at 1.37 per cent Lithium Oxide from 25m deep, and, four metres at 1.01 per cent Lithium Oxide from 146 metres. 

While the company claimed the results showed the project’s potential, dozens of HotCopper users expressed dismay with the results. 

Full results of the expanded test work are expected to be received early next year. 

FBM closed the day at 7.5 cents.