The Commonwealth Bank of Australia (ASX: CBA) share price outperformed the benchmark index in February.

Though that didn't stop shares in the S&P/ASX 200 Index (ASX: XJO) bank stock from finishing the month in the red.

CommBank stock closed out January trading for $160.56 a share. When the closing bell sounded on Friday, 28 February, those shares were changing hands for $156.74 apiece.

That saw shares in Australia's biggest bank down 2.4%, a considerably better performance than the 4.2% losses posted by the ASX 200 over the same time.

It's also worth noting thatCBA stock traded ex-dividend on 19 February.

On the back of strong half-year results, released on 12 February, management declared a fully franked interim dividend of $2.25 a share, up 5% from last year's interim payout.

With the bank stock trading ex-dividend on the 19th, investors buying shares after market close on 18 February were no longer eligible for that passive income payout.

It's common for a company's share price to fall by an amount similar to its dividend payout after it trades without those rights.

So, if we add that $2.25 back into the CBA share price at market close on 28 February, then we see the accumulated value of CBA stock retraced by a lesser 1.0% over the month.

New records for the CBA share price

Despite ending February in the red, the ASX 200 bank stock set several new all-time highs over the month.

On 13 February, the CBA share price closed the day at a new record high of $166.72. After reaching this milestone, it's likely that some of the selling pressure that followed over the next two weeks was spurred by healthy profit-taking amid mounting analyst warnings about the bank's lofty valuation.

What did the ASX 200 bank stock report for the half year?

The 5% increase in the interim CBA dividend mentioned above was enabled by a 3% year on year increase in the bank's operating income, which reached $14.1 billion over the six months.

CBA's cash net profit of $5.13 billion was up 2%, despite operating expenses increasing by 6% to $6.37 billion.

Commenting on these results on the day, CBA CEO Matt Comyn said:

Through supporting our customers and investing in our franchise, we have been able to deliver solid results for our shareholders, despite the weaker economic backdrop.

Our consistent financial performance demonstrates our disciplined operational and strategic execution, and the bank's deep customer relationships that help us understand needs and risks and deliver superior digital experiences.

Despite dipping 0.5% today, the CBA share price is up 32% since this time last year, not including those welcome dividends.