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Date : 17/05/2021

Commonwealth Bank Share Price Hits Record High in Early Trade

Commonwealth Bank shares (ASX: CBA) have performed extremely well since September 2020. The Federal government’s monetary policy has been one of the driving factors for this performance. Easing of regulations around lending and ultra low interest rates have meant that CBA along with the other Aussie banks have enjoyed a rather favourable operating environment.

In what is being dubbed as the reflation trade, the Commonwealth Bank share price have been on a hot streak since the end of February as value stocks are now in favour over growth stocks. The CBA share price hits record high in early trade not just in Australia, but globally.

Are CBA Shares Worth Buying On The ASX?

This morning, the Commonwealth Bank share price surged higher and closed at $97.79 a share – an all time high for the largest Australian Bank. Another positive quarterly result was posted by the firm and this has underpinned the already upbeat performance of the CBA stock.

Business lending, home lending, and household deposits have all increased once again – resulting in a 2% rise in operating income. Improved economic conditions and outlook has also resulted in a moderate reduction in total credit provisions and a positive outcome for loan impairment expense in the quarter. CBA announced an unaudited NPAT of $2.4 billion in the quarter – a 24% increase over the quarterly average reported in the 1H21 report, mainly underpinned by the decreased loan impairment expenses.

All the major Aussie banks have reported positive quarterly updates in the past week. With improving economic conditions in the country, and a Federal Budget to support it and improve the economy further, CommBank shares and the other banks among the big 4 are upbeat.

Comm Bank shares have returned 62% in the past year, 33% in the last 6 months, and 19% already in 2021.

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