Commonwealth Bank of Australia unveiled a 5 billion Australian dollar ($3.65 billion) rights issue on Wednesday as its annual profit met expectations, completing a major round of fundraising by Australia's "Big Four" lenders amid fears of a house price bubble.
CBA, the country's No. 2 lender by assets, announced a fully underwritten 1-for-23 rights issue at an offer price of A$71.50, a 12.9 percent discount to its last trading price. This brings the total funds raised by Australia's major banks since May to $A17 billion.
CBA posted a 5 percent rise in full-year cash profit to A$9.14 billion, compared with A$8.68 billion a year ago. The forecast, according to a consensus of six analysts polled by Reuters, was for A$9.15 billion. Total dividend for the year was A$4.20, an increase of 5 percent.