Profit after capital charge was A$3.126 billion, a fall of 4 per cent year-on-year ago. When based on continuing operations and excluding a charge from Austrac, an Australian watchdog, profits after capital charge rose 5.7 per cent from a year earlier, CBA said in a statement.

The bank has been hit by regulatory issues, hitting its shares late last year. Last August, Austrac (Australian Transaction Reports and Analysis Centre) started legal action against CBA, linked to claims that the lender breached AML and counter-terrorism financing controls. CBA said it has provided A$375 million for a civil penalty based on latest information and advice. In a separate case, CBA has provided $200 million for expected costs of regulatory, compliance and related matters, it said.

As reported at the end of last month, CBA faces fresh woes, with Australia’s national financial regulator, ASIC, saying it had started legal proceedings against the bank for “unconscionable conduct” and rate rigging, adding to actions authorities have taken against other banks in the country.

Shortly before that ASIC announcement, the bank said Matt Comyn, 42, had been named the new chief executive, effective 9 April 2018, replacing Ian Narev, who announced in August that he would retire before the end of this financial year, after more than six years in the role.

Media reports billed Comyn as something of an outsider, although he has had a 20-year career at CBA includes experience across divisions including business, institutional, retail and wealth management.