Commonwealth Bank has reported a 20 per cent rise in unaudited first quarter cash profit to $2.2 billion driven by above system growth in key markets but it has not been nearly enough to save it from a savage sell-off prompted by margin fears.

CBA CEO Matt Comyn said the bank remained tightly focused on supporting its staff and customers during the quarter as the recovery continued while delivering on its strategic agenda of developing more in-depth relationships driven by technology.