The pain for the institutional banking business at Commonwealth Bank (and perhaps elsewhere) may be over.In the June 2009 half year the slimmed down division CBA now refers to as institutional banking and markets reported income of $1.24 billion, up seven per cent on the December 2008 half and up 36 per cent on the June 2008 half.A lot of this will have to do with huge volume growth (with repricing benefits only partly realised).The impairment expenses this half, at $512 million, were less than half those six months ago though still well up on June 2008.The cash profit for the IB&M division, at $334 million, compared with a loss of $168 million six months before and a profit of $395 million 12 months earlier.The profit from business and private banking (which CBA used to roll up in institutional for reporting purposes) has produced gently declining profits over the last three halves, as middle market lending losses offset income growth. This division reported a profit of $363 million in the June 2009 half, down by $10 million over six months and down $26 million over 12 months.Interestingly the corresponding volume growth on the retail side of the business did not produce a steady increase in profit, partly due to reduced margins from the deposit business.Cash profit from CBA's retail banking business in Australia fell 12 per cent to $988 million in the June 2009 half from $1.12 billion six months before, but up by six per cent from a year earlier.