Commonwealth Bank profit jumps to $5.15bn amid rising interest rates

Australia's biggest lender's profits inflated by Reserve Bank's series of rapid-fire interest rate rises

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Commonwealth Bank has reported a record half-year cash profit of $5.15bn, up 9%, after profiting from a series of rapid-fire interest rate rises that have inflated its profit margins.

Australia's biggest bank also lifted its dividend rate sharply, and will increase the size of its share buyback in moves likely to be greeted favourably by shareholders.