Major banks take stock market hit
Thursday February 14, 2008
Shares in all the major banks lost ground yesterday in the wake of the Commonwealth Bank of Australia Ltd (CBA) announcement that their first half profit was down on what market expectations were.
Despite Australia's biggest mortgage lender announcing a record first half profit of $2.371 billion.
While the record profit of only $2.371 billion represented an 8 percent increase on the first half figures for the corresponding period last financial year it was down 5% on market expectations which resulted in yesterday's selling of financial shares.
CBA's share price closed down $3.20 yesterday to a 12-month low of $46.20.
St George bank was the biggest loser yesterday as shares fell 7 percent to $25.52.
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