Commonwealth Bank’s Net Profit Drops to $5 Billion in First Half of 2023-24

The bank cited the impact of inflation and challenging economic conditions for the reduction in net profit.

People walk past a branch of the Commonwealth Bank in Melbourne, Australia, on Feb. 6, 2019. William West/AFP via Getty Images

Australia’s largest commercial bank has reported a drop in profit in the first half of the 2023-2024 financial year, citing the impact of inflation and challenging economic conditions.

According to its latest performance report (pdf), the Commonwealth Bank of Australia (CBA) posted a cash NPAT (net profit after tax) of $5.02 billion (US$3.24 billion) between July 1 and Dec. 31, 2023.