Commonwealth Bank (CBA) has reported a 12 per cent increase in IT costs to $700 million for its year ending December 31, 2013.
The bank said the increase – compared to the same period last year – was driven by higher spending on regulatory compliance projects as well as software write-offs of $68 million.
CBA on Wednesday posted a 14 per cent increase in profit to $4.27 billion and an 8 per cent jump in revenue.
“This result again demonstrates the benefits of our long term strategic priorities – people, technology, strength and productivity,” said CBA’s group CEO Ian Narev. “All of our businesses have performed well.”
Narev said the bank had used its technology platform to “deliver innovative products and services to businesses and personal customers.”
Narev was referring to CBA’s $1 billion core banking platform, which is providing real-time banking services while moving key services to the cloud and infrastructure-as-a-service models.
Read: Interview: Michael Harte, CIO, Commonwealth Bank.