- Commonwealth Bank (CBA) has hit an all-time high with its share price jumping to a record price of $97.38 per share
- This is the highest-level Commonwealth Bank's securities have traded in its long history and brings its market cap to $170 billion
- The record spike in share price comes after the bank released its quarterly report, revealing a net profit after tax of $2.4 billion
- CBA has also benefited from Australia's wider economic recovery from COVID-19, as well as a boom in the housing market
- Shares in Commonwealth Bank are trading up 1.05 per cent at $96.99 per share towards the close of market on Friday
Commonwealth Bank (CBA) has hit an all-time high with its share price jumping to a record price of $97.38 per share.
It hit this high during the early hours of trading Friday morning. This is the highest-level Commonwealth Bank's securities have traded in its long history, with an overall market cap of $170 billion.
Over the last week, the big bank revealed a huge surge in its latest quarterly profit — spurred on by Australia's strong economic recovery from the COVID-19 pandemic.
Cash net profit after tax for the third quarter of the 2021 financial year came in at $2.4 billion, around double the $1.2 billion reported this time last year.
Many Australian banks are also benefiting from a housing boom as loan growth accelerates and government-stimulus packages are extended.
Commonwealth noted the increasing home-ownership trend in its report, stating it saw strong demand from first home buyers and owner-occupiers.
Specifically, CBA reported lending of an additional $1.4 billion in household deposits and an extra $6.7 billion in home lending.
Additionally, Commonwealth's business customers have all concluded their deferral arrangements, with 95 per cent back to regular repayments.
"While it is pleasing to see that the vast majority of customers have smoothly transitioned from the bank's COVID-19 temporary loan repayment deferral program as it concluded in March, we continue to offer ongoing assistance to those in need," Chief Executive Matt Comyn said on Wednesday.
Notably, all the other big four banks also reported large profit increases for the third quarter, though few matched Commbank's recent share price gains.
Shares in Commonwealth Bank are trading up 1.05 per cent at $96.99 per share towards the close of market on Friday.