18 December 2014

CommBank posts bumper profits as tech investment pays off

12 February 2014  |  4582 views  |  1 Commonwealth bank web logo

Commonwealth Bank of Australia has credited investment in technology as a major factor in its impressive 14% rise in first half profits.

CommBank beat analysts' forecasts to report cash earnings of A$4.27 billion for the six months to December, up from A$3.86 billion in 2012.

Ian Narev, group CEO, CommBank, says: "This result again demonstrates the benefits of our long term strategic priorities - people, technology, strength and productivity."

Investment spending on areas such as tech during the six months was A$589 million and Narev says that the money pumped into customer-facing innovations is beginning to pay off.

Since launching at the end of last year, the new CommBank mobile app has attracted more than a million registered users, while a streamlined online account opening processes has slashed times by 80%.

Meanwhile, Narev is focussing on revamping the bank's branch network for an increasingly digital age, rolling out smaller, tech-packed 'express' stores and introducing video-conferencing across the network.

Comments: (1)

John Candido - Black Cabs - Melbourne | 13 February, 2014, 10:24

Some of the cashless eggs are coming home to roost. The CBA has heavily invested in mobile technology and the people have voted with their feet. It is a long way off but the cashless society is as inevitable as global warming. 

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

12 December, 2013
26 July, 2013
31 May, 2013
06 February, 2013
15 August, 2012
17 July, 2012
16 February, 2012

Related company news

 

Featured job

Competitive (including base salary, bonus & full b...
UK / Europe

Find your next job