The Commonwealth Bank of Australia (ASX: CBA) share price was by far the best performer among the big four S&P/ASX 200 Index (ASX: XJO) bank stocks in November.
On 31 October, CommBank shares closed the day trading for $96.56 apiece. When the closing bell rang on 30 November, those shares were swapping hands for $104.66.
That saw the CBA share price gain a whopping 8.4% over the month, with shares up another 0.5% so far in December.
November's gains compare to a 4.5% monthly increase posted by the ASX 200.
As for the rival ASX 200 bank stocks, Australia and New Zealand Banking Group Ltd (ASX: ANZ) shares fell 1.4%; National Australia Bank Ltd (ASX: NAB) shares gained 1.3%; and Westpac Banking Corp (ASX: WBC) shares gained 3.7% in November.
Here's what helped CommBank race ahead of the pack.
Why did the CBA share price have such a strong run in November?
One of the biggest factors that helped the CBA share price trounce the competition over the month gone by was the bank's very strong first quarter update results, released on 14 November.
Among the highlights, CommBank reported operating income of $6.82 billion. That was in line with the prior corresponding quarter but ahead of consensus expectations.
And while operating expenses increased 3% year on year to $3.04 billion, spurred in part by wage inflation, the bank's cash net profit after tax increased 1% to $2.5 billion.
Investors will also have taken note of CBA's strengthening ability to withstand any potential financial shocks, with the bank's Common Equity Tier 1 (CET1) ratio increasing 0.46% year on year to 11.8%.
Commenting on what's ahead for CBA, CEO Matt Comyn said, "We remain optimistic on the medium-term outlook."
He noted that, "The Australian economy remains resilient, supported by low unemployment and strong population growth."
The CBA share price closed up 1% on the day the bank released its first quarter update. And shares went on to finish in positive territory for eight of the following 12 trading days remaining in November.
