CBA was reported as posting the biggest annual profit in Australian banking history.
CBA's cash profit rose 5% to $A9.14billion ($NZ10.2billion) in the 12 months to June 30.
The Sydney Morning Herald reported it was Australia's largest bank profit.
CBA also announced it would carry out a $A5billion rights issue aimed at boosting capital in order to meet regulatory requirements.
But despite the bumper profit figure, Australian analysts expressed concern about a slow down in the second-half of CBA's financial year.
In New Zealand, the ASB cash profit rose 9% to $846million and the statutory profit after tax increased by 7% to $859million from $806million.
The cash profit accounts for hedging and volatility and reporting structure differences, and has been adopted by banks as their preferred measure of profit.
ASB's net interest margin increased in the period by 0.6% to 2.44% and loan impairment expense at $89million, was up 59% on the previous year. The bank looks as if it is preparing for a downturn in the dairy industry and people struggling to service mortgages in some of its key areas, such as Auckland.
ASB chief executive Barbara Chapman said the result reflected the bank's focus on achieving sustainable, profitable growth through the executive of its long-term strategy.
Operating income growth was 6% but it was affected by hedging volatility following the recent sharp reduction in wholesale interest rates.
The sustained growth of the corporate, commercial and rural business had been a testament to the success of the bank's diversification strategy, she said.
The bank continued to invest in building front-line capability in key segments, adding additional specialists to serve its business and rural customers nationwide.
The loan impairment expense increased primarily due to growth across all lending portfolios, stabilising home loan arrears rates - compared with falls in the previous year - and increased rural provisioning, Ms Chapman said.
Operating expenses grew 5% to $805million, driven by inflationary-related salary increases and continued investment in front-line capability.
ASB's ongoing strategic investment in technology and innovation also contributed to a rise in costs.
''Across our business, advancements in technology are changing customer expectations and evolving the competitive landscape. With this in mind, we have continued to focus our efforts on simplifying processes across all channels to deliver faster, better and more seamless customer experience.''
