Which ASX bank shares were the best performers during October?

What did October look like for Aussie bank shares?
The post Which ASX bank shares were the best performers during October? appeared first on The Motley Fool Australia. –

It’s that time again when we take a look back and review the best performing ASX-listed bank shares during the last month. While the S&P/ASX 200 Index (ASX: XJO) posted a gain of 1.9% in October, there were some banks that did better and some that performed worse.

Interestingly, the biggest gains weren’t secluded to the big four banks. Here is a look at the top performers and what they got up to during the month.

Macquarie Group Ltd (ASX: MQG)

Starting with the best performing ASX bank share, the Macquarie Group share price was the pick of the bunch for October, gaining a phenomenal 12% during the month. Investors appear to have been front-running the investment bank’s first-half results for FY22. Perhaps, in anticipation of a solid result. Well, the true numbers were released on the last trading day of October, revealing an incredible 107% lift in first-half profits to $2,043 million. Simultaneously, assets under management increased 31% to $737 billion.

National Australia Bank Ltd. (ASX: NAB)

The next best performing ASX-listed bank share during the month was the National Australia Bank, adding 5.28%. It was a relatively quiet period for the NAB share price. Likely the only notable announcements involved the stumbling appointment of a new non-executive director. While Australian entrepreneur, James Spenceley, had intended to be appointed to the board, the decision was then reversed by Spenceley due to feedback from proxy advisors.

Commonwealth Bank of Australia (ASX: CBA)

Lastly, the third best performing ASX bank share in October was none other than Australia’s biggest bank, Commonwealth Bank of Australia. The CBA share price rallied 4.6% during the 30-day period with a raft of developments concerning the bank. Although, one particularly interesting move from CBA during the month was its further push into smart payment solutions. The device is similar to Square Inc (NYSE: SQ) tile-style chip reader.

The post Which ASX bank shares were the best performers during October? appeared first on The Motley Fool Australia.

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More reading

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Motley Fool contributor Mitchell Lawler owns shares of Commonwealth Bank of Australia and Macquarie Group Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Square. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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