The ASX reporting wrap-up: CBA, Mineral Resources, IAG

As the curtains close on Wednesday, we summarise today’s ASX shares reporting results. Markets reacted with mixed emotions towards the big-name reporters.

We’ll quickly unpack today’s results and then wrap it back up for tomorrow:

Those that delivered today

Commonwealth Bank of Australia (ASX: CBA)

Shares in Australia’s largest bank increased 1.38% to $108.03. This followed the release of the bank’s FY21 results and the announcements of the CEO’s retirement.

The takeaway points:

• Net profit after tax up 19.7% year on year to $8,843 million
• Cash earnings up 19.8% to $8,653 million (versus analyst consensus estimate of $8,464 million)
• Loan impairment expense and provisions down 78% to $554 million
• Net interest margin down 4 basis points to 2.03%
• CET1 ratio up 150 basis points to 13.1%
• Fully franked final dividend of $2 per share declared. Full year dividend up 17% to $3.50 per share
• $6 billion off-market share buy-back, which is expected to reduce its share count by ~3.5%.

Mineral Resources Limited (ASX: MIN)

The Mineral Resources share price gave away 0.5%, putting it at $60 by the close of the ASX today. The move followed the mining major reporting its solid full-year results to the ASX.

The takeaway points:

• Underlying net profit after tax up 230% year on year to $1,103 million
• Revenue up 76% to $3,734 million
• Operating cash flow up 144% to $1,600 million
• Underlying earnings before interest, tax, depreciation, and amortisation (EBITDA) up 148% to $1,901 million
• Profit for the year attributable to shareholders up 26.5% to $1,269.7 million
• Fully franked final dividend of 175 cents per share. Full year dividend up 175% to $2.75 per share.

Insurance Australia Group Ltd (ASX: IAG)

Lastly, shares in IAG fell 2.46% to $5.15 today. At one point, the ASX-listed insurance giant failed to win over the market with its sizeable dividend. The share price fall followed the release of the company’s full-year result.

The takeaway points:

• Gross written premium (GWP) increased 3.8% to $12,135 million
• Insurance profit up 35.9% to $1,007 million
• Underlying insurance margin down 130 basis points to 14.7%
• Reported insurance margin up 340 basis points to 13.5%
• Net loss after tax of $427 million
• Cash earnings up 170% to $747 million
• Full year dividend doubled to 20 cents per share

ASX shares reporting tomorrow

Thursday is set to be a big one with numerous big-name results to be reported by ASX-listed companies. These include Telstra Corporation Ltd (ASX: TLS), AMP Ltd (ASX: AMP), AGL Energy Limited (ASX: AGL), Downer EDI Limited (ASX: DOW), Mirvac Group (ASX: MGR), Goodman Group (ASX: GMG), and QBE Insurance Group Ltd (ASX: MIN).

The post The ASX reporting wrap-up: CBA, Mineral Resources, IAG appeared first on The Motley Fool Australia.

More reading

• Why Accent, Bluebet, IAG, & Megaport shares are tumbling lower
• CBA (ASX:CBA) share buyback ahead of forecast: broker
• What you need to know about the CBA (ASX:CBA) dividend dates in 2021
• CBA, James Hardie and Challenger profit in the spotlight. Scott Phillips on Nine’s Late News
• Westpac (ASX:WBC) share price lags the big banks’ after NZ ‘formal warning’

Motley Fool contributor Mitchell Lawler owns shares of Commonwealth Bank of Australia. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Insurance Australia Group Limited and Telstra Corporation Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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