Like any ASX 200 bank stock, investors who buy Commonwealth Bank of Australia (ASX: CBA) shares with the expectation of receiving fat, and preferably fully franked, dividends.
CBA has been a source of reliable, regular and robust dividend payments for decades. But what kind of dividend yield could one expect from buying this ASX bank right now? That's what we'll be discussing today.
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What dividends have CBA shares been paying?
CBA has certainly kept to its reputation as a reliable source of rising income for dividend investors in recent years. After the pandemic-induced drought of 2020, Commonwealth Bank has rebuilt its payouts steadily ever since, delivering a rising dividend each year since 2021. That year saw CBA fork out an annual total of $3.50 per share in dividends, fully franked. But by last year, that had risen to $4.85 per share. That was up from 2024's total of $4.65 per share, and $4.50 in the prior year.
CBA's first dividend of 2026 continued this trend. Back in late March, CBA paid out an interim dividend worth $2.35 per share (also fully franked). That represented a 4.44% hike over 2025's interim dividend of $2.25 per share.
So what kind of yield can investors expect from CBA shares if they buy today? Well, adding that interim dividend of $2.35 to last year's final dividend of $2.60, we get a 12-month total of $4.95. At the current (at the time of writing) CBA share price of $173.15, that works out to be worth a trailing dividend yield of 2.86%.
Only 2.86% from an ASX bank stock?
Some investors may be dismayed with that kind of yield, particularly from an ASX bank stock. and especially when considering that some of CBA's banking peers, such as National Australia Bank Ltd (ASX: NAB), currently have fully franked trailing yields over 4.5% today. Unfortunately, this is the consequence of CBA's popularity.
Most investors know that this bank stock has had an incredible run in recent years, leaping almost 40% higher in 2024 alone. Although CBA has only climbed about 3.3% over the past 12 months, its banking peers have fared far worse. NAB, for instance, has lost almost a quarter of its value since February, while CBA has treaded water.
This has had the effect of raising the dividend yields for CBA's peers, whilst leaving CBA's already low yield intact.
If you're after an ASX bank share for an income portfolio today, you can either have CBA or a high-yielding investment. But sadly, you can't have both.
