Managing director Mike Hirst said the inquiry into misconduct in banking, financial services and superannuation should also help restore confidence in the industry. 

The Turnbull Government resisted Labor calls for a royal commission for some time, but changed its mind after the banks backed the idea.

The commission followed a series of scandals.

Mr Hirst will retire on July 1 after nine years in the role.

Long-serving executive Marnie Baker will replace him.

The company said she had a “depth of experience” in leadership roles in most areas of the business.

They included treasury, capital markets, technology and payments systems, digital strategy, retail banking and fund management.

Chairman Robert Johanson said Mr Hirst would leave the bank in great shape.

He said Mr Hirst had helped build a business that was now the fifth biggest retail bank in Australia, strongly funded and well capitalised.

The bank, which has a range of outlets in Tasmania, made an after tax statutory profit of $231.7 million for the six months to December 31.

“The bank experienced strong growth in loans to home owner occupiers in an environment where competition for those customers remains fierce,” Mr Hirst said.