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Commonwealth Bank announces $5.15bn profit

Well, we know what impact the RBA’s interest rate hikes are having on people, but what about the banks?

The CBA has just announced its financial position to the ASX – and, surprise, surprise, it has a fairly large profit to talk about.

From its statement:

We reported strong financial and operational performance in our financial results for the six months ended 31 December 2022. Our cash net profit after tax of $5,153 million reflects the Bank’s customer focus and disciplined strategic execution. Our continued balance sheet strength and capital position creates flexibility to support our customers and manage potential economic headwinds, while delivering sustainable returns to shareholders. A fully franked interim dividend of $2.10 per share was determined, an increase of 20% on 1H22, driven by organic capital generation and a reduction in share count from share buy-backs. Despite the current uncertainty, your Board and management feel optimistic for the future and are committed to delivering for our customers and for you, our…

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