CBA Funds Capitalised Software Write-Down With Visa Share Sale; AUD 85 FVE Unchanged
Wide-moat Commonwealth Bank of Australia has neatly offset a AUD 275 million aftertax write-down of capitalised software with a AUD 278 million aftertax profit on the disposal of its remaining shareholding in Visa. The two transactions are being treated “above the line†and included in cash profit; hence, there is no change to our fiscal 2017 earnings forecast of AUD 9.88 billion and our AUD 4.25 per share fully franked dividend (based on a 74% payout). We are comfortable with our above-consensu...Commonwealth Bank of Australia provides integrated financial services including retail, business and institutional banking, funds management, superannuation, life insurance, general insurance, broking services and finance company activities. Co. operates in seven segments, Retail banking Services, Business and Private Banking, Institutional Banking and Markets, Wealth Management, New Zealand, Bankwest, as well as International Financial Services and Other Divisions. As of June 30 2016, Co. had total assets of A$933.1 million and total deposits of A$588.0 million.
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