CBA shares on Wednesday afternoon were up 1.8 per cent to an all-time high of $165.12, after Australia's leading bank delivered a $5.1 billion first-half cash net profit, up two per cent from a year ago.
Shares have climbed 7.7 per cent so far in 2025 and rose 37.1 per cent in 2024. They haven't had a losing year since 2018.
VanEck senior portfolio manager Cameron McCormack said CBA's "gravity-defying rally" had been the subject of much conjecture over the past year, with the bank trading on 27 times its 12-month forward earnings despite stagnant earnings growth.
"We believe the clock is ticking on this Cinderella story," he said.
By supporting its customers and investing in its franchise, CBA had been able to deliver solid results for its shareholders, CEO Matt Comyn said.
"Our consistent financial performance demonstrates our disciplined operational and strategic execution, and the bank's deep customer relationships that help us understand needs and risks and deliver superior digital experiences," he said.
CBA's net interest margin, a key gauge of profitability, was broadly stable at 2.08 per cent, up two basis points from a year ago.
The bank's operating expenses rose to $6.4 billion, up three per cent from the previous six months, mainly driven by higher staff expenses due to inflation as well as additional expenses in generative AI and data infrastructure.
The number of mortgage, credit card and personal loan customers making hardship claims during the six months dipped during the half-year.
Just 0.66 per cent of CBA's home loan customers were behind by 90 days or more on their payments as at December 31, about the bank's long-term average.
"The stabilisation in arrears over the period was interesting," Mr Comyn told analysts.
"I think it would have deteriorated absent rate cuts, which are more likely - so probably not a lot of movements in terms of arrears, certainly on the consumer side."
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