Only two of Commonwealth Bank's six divisions contributed higher earnings to the group's result for the year to June and none of them achieved any earnings growth in the second half of the year. Year on year there were positive contributions from retail banking services and business and private banking, while the weakest contributors in the second half were wealth management, whose cash profit was down 34 per cent, and New Zealand (down 11 per cent).CBA chief executive Ian Narev said a low interest rate environment was not an easy one for a bank and the timing of this year's interest rate cuts "favoured" the first half of the financial year.Commonwealth Bank made a net profit of A$9.2 billion for the year to June - up two per cent on the previous corresponding period. On a cash basis, profit of $9.4 billion was up three per cent.Income: Net interest income rose seven per cent over the previous corresponding period to $16.9 billion and other banking income rose one per cent to $4.9 billion. Funds management income was up four per cent to $2 billion. Total operating income rose five per cent to $24.6 billion.Expenses and cost-to-income: Operating expenses rose four per cent to $10.4 billion. Operating expenses as a percentage of total operating income fell 40 basis points from 42.8 per cent in 2014/15 to 42.4 per cent in the year to June. The cost-to-income ratio of the bank's biggest division, retail banking services, fell 150 bps to 32.6 per cent.Impairment charges, provisions and credit quality: The loan impairment expense jumped 27 per cent over the previous corresponding period to $1.2 billion. The loan impairment expense as a percentage of average gross loans and acceptance rose from 17 bps to 20 bps. The value of gross impaired assets rose nine per cent to $3.1 billion. Arrears were flat throughout the year, expect for personal loan arrears, which rose from 1.34 per cent to 1.46 per cent (90 days past due).Margin: The net interest margin fell two basis points to 2.07 per cent. A change in the portfolio mix added two bps to NIM (the bank made a number of transaction accounts non-interest bearing) but additional capital and higher funding costs more than offset that increase.Return on equity: ROE fell from 18.2 per cent in 2014/15 to 16.2 per cent for the year to June. On a cash basis, ROE fell from 18.2 per cent to 16.5 per cent. The fall in ROE was due to the dilutionary impact of last year's capital raising.Earnings per share: EPS fell two per cent to 542.5 cents a share. On a cash basis, EPS fell 0.4 per cent to 555.1 cents a share.Dividends: The bank will pay a final dividend of $2.22 a share - a 12 per cent increase over the interim dividend of $1.98 a share. Total dividend payments of $4.20 a share for the full year are unchanged from the previous year.The divisions: The bank's biggest division, retail banking services, put