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Commonwealth Bank Of Australia HY Profit Rises; To Buy Back Up To A$2 Bln Of Shares

Commonwealth Bank of Australia (CBA.AX) reported that its net profit after income tax for the half year ended 31 December 2021 rose to A$5.87 billion from A$4.87 billion in the same period last year. On a per share basis, net income was 323.6 cents compared to 258.9 cents in the prior year.

Cash profit from continuing operation for the first half of its 2022 rose 23 percent year-over-year to A$4.75 billion, reflecting lower loan loss provisions due to an improved economic outlook, and continued customer focus and disciplined operational execution leading to above system volume growth in core products.

Net interest income for the period grew to A$9.75 billion from A$9.60 billion in the previous year. Other banking income was A$2.42 billion up from A$2.13 billion last year.

The Board declared an interim dividend of A$1.75 per share, up 17 per cent on the interim dividend in the prior year.

CBA said it now intends to continue capital management actions via an on-market share buy-back of up to A$2 billion.

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