Australia's CBA posts 10.8% drop in first-half profit

Feb 10 (Reuters) - Commonwealth Bank of Australia posted a 10.8% drop in first-half cash profit on Wednesday, hit by record low interest rates and higher credit losses due to the COVID-19 pandemic.

Cash net profit after tax for Australia’s biggest bank came in at A$3.89 billion ($3.01 billion) for the six months to Dec. 31, down from A$4.36 billion a year earlier. It beat an average estimate of A$3.76 billion by six analysts polled by Reuters.

CBA declared an interim dividend of A$1.50 per share, up from the A$0.98 final dividend announced in August, although lower than last year’s payout of A$2.00 per share.

$1 = 1.2927 Australian dollars Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Ramakrishnan M.