Commonwealth Bank December 2008 half year profit Investor briefing Wednesday, 11 February 2009Ralph Norris, managing director:  So great to see you all here this morning, and I would like to say that the Commonwealth Bank has today reported a solid operating result in what has become an increasingly difficult environment.  Obviously it is always disappointing to report a decline in cash earnings, however in a very challenging market to be able to report a $2 billion net profit should still be seen as a good outcome.  This is a result which reflects the group's cautious and conservative approach in the current environment, as well as the underlying strength of our franchise.From the outset of the global financial crisis, the group has taken the view that this would be protracted, requiring careful and cautious and considered management.  Our position on this has not changed, but has rather been further reinforced by the progressive deterioration and conditions over the past six months or so, particularly internationally.  We have therefore taken steps to further strengthen our capital and liquidity positions to ensure we are able to support and meet the needs of our customers.  We have also significantly increased our level of provisioning as a further prudent measure given the uncertainty that lies ahead of us.  Nevertheless, despite the negative sentiment which prevailed in the first half of our financial year, our underlying business performed strongly.Income growth and our banking business has been very strong, underpinned by good volume growth and improved market shares.  Sound cost management practices also contributed to this result.  Our strategy remains on track and it is delivering outcomes which are helping up to navigate these difficult times.  Our customer satisfaction ratings continue to improve, directly contributing to the volume and market share growth we have achieved despite the slowing economic environment.  Our focus on profitable growth has underpinned a selective investment and acquisition strategy which is positioning the group well for the medium to longer term.  So while the outlook is uncertain, I remain confident that the group is well positioned to manage through this challenging period and to be in a position of relative strength when we emerge from the current down turn.As is our usual practice, I will leave it to David Craig to run you through the financial results and detail a little later.  By way of summary, I would like to call out some key features of the result.  Operating income is up 15%, a very good outcome in any environment.  Statutory net profit after tax was up 9% which reflects the gain on the acquisition of Bankwest and St Andrew's.  Headline cash net profit after tax was down 16% due to the increase in impairment charges.  This has in turn impacted cash earnings per share which declined by 19%, although we still delivered a credible return on equity of 15%.Whilst recognising difficult market conditions, the group has taken the view that it is able to maintain the interim dividend at $1.13 per share, which