Currently, Commonwealth Bank of Australia (ASX: CBA) shares may not appeal as much for dividends considering its current dividend yield is now just 3% (fully franked).

One of the most useful metrics to measure a bank is the price-to-book ratio – its valuation compared to the balance sheet. Investors can supposedly do well with a bank if they buy it at a price-to-book ratio of around 1, according to an old school rule of thumb. In these times, perhaps a ratio of roughly 1.5 would be good for a quality bank.

According to the broker UBS, CBA shares are trading at a price-to-book ratio of well over 3x.

ASX blue-chip stocks can be excellent choices for passive income. However, for investors wanting to own some of the largest ASX blue-chip stocks but not CBA, I think the below three businesses could be better.

Coles Group Ltd (ASX: COL)

As one of the largest supermarket businesses in Australia, it serves many customers. We all need to eat, right?

Coles has very defensive earnings, in my view. Australia's population and inflation are both long-term tailwinds for the company's sales. In the FY25 first quarter, the company reported total sales growth of 2.9%, with supermarket sales growth of 3.5%.

It has grown its dividend every year since 2019 and currently has a fully franked dividend yield of 3.8%.

With Coles continuing to invest heavily in its supply chain with automated distribution centres, I think the company can become more efficient and continue growing its bottom line.

Woodside Energy Group Ltd (ASX: WDS)

This may be a controversial choice, considering the ASX energy share has sunk close to 40% since 15 September 2024, and the dividend is decreasing.

However, the share price has declined so much that the future dividend yield has been boosted. The world continues to need energy, including LNG, so I think this could be a cyclical opportunity to buy this ASX blue-chip share.

While I wouldn't choose to commit to owning Woodside shares forever, I think it's an underrated medium-term play at the moment, particularly with its pipeline of new projects in both hemispheres.

According to the forecast on Commsec, it could pay a fully franked dividend yield of 8.25% in FY25.

Telstra Group Ltd (ASX: TLS)

Telstra is by far the largest telco in Australia, which gives it an advantage to buy more spectrum than rivals, invest the most in its telco infrastructure, spend the most on advertising and so on.

The company is adding hundreds of thousands of new mobile users to its subscriber base each year, which increases revenue and spreads the ASX blue-chip stock's fixed costs over more subscribers (leading to increased profit margins). Net profit can keep growing thanks to these trends.

Telstra has been growing its annual dividend for the last few years. In FY24, the business paid an annual dividend per share of 18 cents, which translates into a fully franked dividend yield of 4.6%.