House of Comyn's
CBA's share price has bewildered many in the market over the past two years, and Wednesday's performance was a case in point. But the bank's CEO is not getting caught up in it.
The relentless rise in the Commonwealth Bank’s share price over the past two years has baffled many in the market, and Wednesday’s sharp fall — despite a record $10.25 billion cash profit — may seem equally perplexing.
Yet Matt Comyn, the lender’s chief executive, isn't getting swept up in it. “I haven't looked very closely at it, but I think it's really important to look through any near term movements in the share price,” Comyn told Capital Brief in an interview following the full-year result.
“Obviously, we’re always conscious of that and recognise that it’s of enormous interest to both our shareholders as well as the broader market. But ultimately, we as a management team and board should be focused on the things that are within our control.”
CBA shares have surged more than 70% over the past two years, in a rally influenced by passive money flows and somewhat detached from the company’s solid underlying fundamentals.
