Australia's biggest bank is getting comfortable on the top of the heap, reporting a record-breaking annual profit.

The Commonwealth Bank drew in an 8 per cent increase in profits this year leaving its new record at $7.67 billion. Total revenue for the 2012-13 financial year dipped though, down 5 per cent to $44.87.

Final dividends have increased to $2 per share, taking the full-year dividend to $3.64.

The CBA released a statement to the Australian stock exchange on Wednesday night, wherein chief executive Ian Narev said he was glad but expects more turmoil in business conditions for the next year.

Mr Narev says there is scepticism inspired by the upcoming election, and that the country should elect whoever “can lay out a very clear and very inspiring picture of the economy... there should be a lift in both business and household confidence if that picture can be outlined and people can get a clear picture of how these forces will affect the economy in the short, medium and long term.”

The chief's feelings are reflected in the figures, with CBA's business and private banking revenue down by 3 per cent, but retail transactions were up 13 per cent. Income from Commonwealth's subsidiary Bankwest increased by 6 per cent to $561 million.