The half yearly results for the six months ending December 31, 2023, saw the bank’s cash profit drop three per cent lower than same six month period in 2022.

CBA chief executive Matt Comyn explained the cost of inflation and a competitive operating environment had resulted in the dip in net profit.

“We have consistently executed our customer-focused strategy,” he said.

“Our balance sheet remains strong with high levels of provision coverage, surplus capital and conservative funding metrics.

“This ensures we have capacity to support our customers, manage potential headwinds and deliver sustainable returns to our shareholders.

“We remain optimistic about the outlook for the Australian economy and we remain focused on executing our strategy.”

Shareholders will receive $2.15 share interim dividend which will be fully franked.

The announcement comes after Commonwealth Bank continues to close branches across the country

There will be 354 branches closing and removing 2,297 ATMs across the country in just five years.

Three branches will be shut before March 1, including Rundle Mall in Adelaide, Coolangatta on the Gold Coast and Coogee in Sydney’s east.

More to come.