Commonwealth Bank has reported a record annual net profit of $10.9 billion, up eight per cent from last year.

The bank’s cash profit also rose seven per cent to almost $11 billion.

However, CBA loan applications have fallen 15 per cent since May amid weaker property market conditions and higher interest rates.

Meanwhile, the Australian share market is expected to open lower, with ASX 200 futures down around 0.4 per cent.

Investor confidence has been hit by fading hopes of an early US-Iran peace deal and rising oil prices.

The Australian dollar was trading slightly higher at around 70.6 US cents, while Wall Street also closed lower.