Commonwealth Bank of Australia (ASX: CBA) shares outperformed the S&P/ASX 200 Index (ASX: XJO) over the March quarter, while underperforming two of the three other big banks.
From the opening bell on 4 January through to the closing bell on 31 March, CBA shares gained 3.2%. That compares to a loss of 1.2% posted by the ASX 200 over that same period.
CBA shareholders also saw a better return than those holding Australia and New Zealand Banking Group Ltd (ASX: ANZ) shares. The ANZ share place finished the quarter down 1.4%.
However, the other two big banks performed far more strongly.
The National Australia Bank Ltd. (ASX: NAB) share price gained 10% during Q1 while the Westpac Banking Corp (ASX: WBC) share price led the charge, gaining 11.9%.
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What moved CBA shares during the quarter?
By far the biggest day for CBA shares in the quarter just past was 9 February, a day that saw the bank close up 5.6%.
That's the day the bank released a stellar set of figures for its half year financial results.
Highlights included a 23% increase in cash profit after tax, which came in at just over $4.7 billion for the six-month period. This was achieved alongside a slight (0.1%) reduction in operating costs.
The strong performance saw CBA boost its interim dividend by 17% from the prior corresponding period to $1.75 per share. (Note, at the current price, CBA shares pay a 3.6% trailing dividend yield, fully franked.)
But perhaps the biggest news of the day was the bank's announcement of a $2 billion on-market share buyback. This followed a $6 billion off-market share buyback in 2021.
Commenting on the strong results at the time, CommBank's CEO, Matt Comyn said, "Higher cash profits were a result of continued volume growth across the business in home lending, business lending and deposits, flat operating costs and significantly lower loan impairment expense due to the improving economic outlook."
During the quarter, CBA also continued to progress with the rollout of its Australia first crypto service. However, the official launch continues to face regulatory delays.
How has the CommBank share price performed longer-term?
As long-term investors, it's good to take a step back to see the bigger picture. And that bigger picture looks quite good for CBA shares.
Over the past 5 years, the CBA share price is up 23.1%.
As for its big three rivals, the ANZ share price is down 13.6%; the NAB share price is down 1.8%; and Westpac shares have lost 28.8% over the 5 years.
