The Commonwealth Bank of Australia (ASX: CBA) share price is having a great day on Wednesday.
At the time of writing, the banking giant's shares are up 1.5% to $95.59.
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Why is the CBA share price rising?
Investors have been bidding the CBA share price higher today for a couple of reasons.
One is the release of the bank's annual general meeting presentation this morning.
Although the bank didn't provide any details on its performance during the current quarter, its CEO, Matt Comyn, spoke positively about the medium to long term. He commented:
Overall, we remain fundamentally optimistic about the medium to long term opportunities for Australia, as well as our capacity to provide support in the immediate future for customers who need us.
Looking ahead, we will continue to invest in the Bank's core retail, business and institutional banking franchises, to reinforce our proposition and extend our digital leadership. We believe that strong customer engagement and deeper relationships will continue to underpin our ongoing positive performance.
What else?
Also potentially giving the CBA share price a lift today has been the Bank of Queensland Ltd (ASX: BOQ) full year results release.
Although the bank's result itself wasn't too flash, its exiting net interest margin appears to show how rising interest rates are boosting bank profitability.
In response to the results, Goldman Sachs said:
BOQ's FY22 cash earnings of A$508 mn were down -5% on pro-forma pcp and 5% below GSe, driven by a higher-than-expected expenses (+2% vs. GSe) and BDDs.
The highlight of the result was that BOQ's 4Q22 NIM came in at 1.81%, well ahead of the 1.75% 2H22 average, and also our FY23E forecast of 1.78% and Visible Alpha Consensus Data forecast of 1.75%.
Investors appear optimistic that CBA will report similar improvements when it hands down its first quarter update next month.
