If CBA Had Been Bought A Year Ago: What Today Looks Like

Twelve months can feel like a lifetime in markets—but for Commonwealth Bank of Australia (CBA), it’s been a year of rising profits, higher fully franked dividends, and a share price that outperformed the broader index. Here’s a clear, numbers‑first look at what a one‑year holding would have delivered as of mid‑September 2025, and what’s been driving the result.

The one‑year scorecard

• Share price move: CBA traded near $153 in early September 2024 and around $168–169 in early September 2025, a capital gain of roughly 10% over twelve months on headline prices. Intra‑period highs reached $192 in FY25 before consolidating.
• Dividends received: Over the last year, CBA paid $2.50 (final FY24, Sept 2024), $2.25 (interim FY25, Mar 2025), and $2.60 (final FY25, Sept 2025), all fully franked—total cash dividends of $7.35 per share. Timing depends on purchase/ex‑div dates, but a holder spanning the full year captured the trio.
• Total return (simplified): Combining ~$15 capital gain per share and ~$7.35 dividends implies about $22.35 per share in one year before franking credits—equating to an indicative total return in the mid‑teens to high‑teens percentage range depending on exact entry/exit dates and dividend eligibility.

Note: Precise personal outcomes hinge on the exact purchase date, whether the initial Sept 2024 dividend was captured, DRP participation, and brokerage. The figures above illustrate direction and scale.

Why CBA delivered

• Earnings rose: FY25 net profit came in at $10.12 billion (+8% YoY), with net operating income up 5% and cash EPS up 4% year on year; ROE remained in the mid‑teens. The bank balanced volume growth with disciplined costs, supporting profit expansion.
• Dividend growth: The Board lifted the final dividend to A$2.60 per share, taking FY25 dividends to $4.85 per share, fully franked—up from $4.65 in FY24—reflecting resilient earnings and capital strength.
• Share performance: Even after a pullback post‑results on valuation concerns, the one‑year price trend remained positive, materially ahead of many peers due to perceived franchise quality and consistent capital returns.

What a hypothetical $10,000 looked like

• Starting point: At ~$153 per share a year ago, $10,000 would have bought roughly 65 shares (ignoring brokerage).
• Dividends: Cash dividends over the year of $7.35 per share would total about $478 for 65 shares, before franking credits.
• Valuation today: At ~A$168 per share, those 65 shares would be worth ~$10,920, plus the ~A$478 cash dividends received—roughly $11,398 in total value before franking, implying a high‑teens percentage return depending on precise dates.

Again, eligibility for the September 2024 dividend hinges on owning shares before the August 2024 ex‑date. Adjust accordingly for exact transactions.

The drivers under the hood

• Operating momentum: Net operating income $28.29 billion (+5% YoY), underpinned by volume growth in home and business lending and stable deposit franchise economics; NIM held around 2.08% with slight expansion through the year.
• Capital returns: Fully franked semiannual dividends remained the core mechanism, with consistent scheduling (ex‑dates typically in August and February, payments in September and March).
• Risk profile: Credit quality stayed benign, supporting low impairment charges and solid earnings conversion into dividends.

What could shape the next year

• Margin glide path: Future rate moves and deposit competition will influence NIM. Watch FY26 updates for guidance on funding mix and asset pricing.
• Capital and payout: The $4.85 FY25 dividend establishes a high base; payout sustainability depends on earnings resilience and capital needs. Calendar reminders for ex‑dates help capture distributions.
• Valuation context: CBA trades at a premium to peers due to franchise quality and returns; share performance can be sensitive to result‑day expectations even when fundamentals are sound.

Bottom line

Over the last year, a CBA holding delivered a double benefit: share price appreciation and rising, fully franked dividends that together produced a robust total return. Strong FY25 profits and a higher final dividend did the heavy lifting, while the franchise’s scale and balance sheet helped sustain confidence even as the stock consolidated from record highs. For income‑tilted investors, the last twelve months validated the case for quality banks in a changing rate cycle.

Disclaimer:

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