The Commonwealth Bank says it faces a post-tax cost of $220 million a year from the federal government's proposed banks levy.
CBA's costing follows Westpac saying earlier on Monday that the new tax, which applies to the nation's five biggest banks, would cost it about $260 million a year after tax.
In a letter to shareholders released after the close of market on Monday, CBA chairman Catherine Livingstone lashed the bank tax as "poorly designed policy".
CBA paid $3.6 billion in tax in 2015/16, Ms Livingstone wrote, and the bank has returned on average 75 per cent of profits as dividends to shareholders, with the remainder reinvested for future growth.
"We are deeply concerned the new levy undermines our ability to achieve these goals," Ms Livingstone wrote.
CBA said it had limited information on which to base its calculations but from July 1, it estimated the new levy would amount to $220 million a year after tax.
The federal government unveiled the surprise 0.06 per cent levy on some liabilities of Australia's five biggest banks - CBA, Westpac, ANZ, National Australia Bank and Macquarie Bank - to raise $6.2 billion over four years to reduce the budget deficit.
CBA plans to hold an interactive "telephone town hall" meeting to discuss the levy with shareholders ahead of its AGM in November.
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