Commonwealth Bank: AGM 2013

Compared to the scandal within the bank’s financial planning arm, Commonwealth Bank’s recent annual meeting in Adelaide was a pedestrian affair. Chief executive Ian Narev mentioned that some shareholders are put off by the company’s high share price so, like CSL, whose share price would be over $200 without share splits, Commonwealth may eventually split its shares, despite having no effect on the company’s value. We’ve been impressed by Commonwealth’s revenue growth in comparison to its rivals recently, but we’re cognisant that low interest rates are driving bad debt expenses and provisions down to unsustainable levels. Bank valuations are...

Compared to the scandal within the bank’s financial planning arm, Commonwealth Bank’s recent annual meeting in Adelaide was a pedestrian affair. Chief executive Ian Narev mentioned that some shareholders are put off by the company’s high share price so, like CSL, whose share price would be over $200 without share splits, Commonwealth may eventually split its shares, despite having no effect on the company’s value.

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