27 April 2017
Visit EBAday.com

CommBank posts bumper profits as tech investment pays off

12 February 2014  |  6221 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
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)

Finextra news in your inbox

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

Related stories

CommBank and Westpac to put Australia at forefront of Mobile NFC wave

CommBank and Westpac to put Australia at forefront of Mobile NFC wave

12 December 2013  |  5902 views  |  0 comments | 5 tweets | 7 linkedin
CBA calls in graphic designers to re-inspire call centre staff

CBA calls in graphic designers to re-inspire call centre staff

26 July 2013  |  4686 views  |  1 comments | 2 tweets
CommBank polls Facebook friends for online banking feedback

CommBank polls Facebook friends for online banking feedback

31 May 2013  |  5778 views  |  0 comments | 11 tweets | 7 linkedin
CommBank takes start-up approach to wealth portal roll-out

CommBank takes start-up approach to wealth portal roll-out

06 February 2013  |  6148 views  |  0 comments | 5 tweets | 3 linkedin
CBA reaps the benefits of $1.1 billion technology upgrade programme

CBA reaps the benefits of $1.1 billion technology upgrade programme

15 August 2012  |  8527 views  |  0 comments
CBA core banking overhaul enters final furlong

CBA core banking overhaul enters final furlong

16 February 2012  |  7331 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Find out morevisit vasco.com/news/PSD2-compliant-solutionsVisit capgemini.com

Top topics

Most viewed Most shared
hands typing furiouslyBitcoin ETF Bites the Dust, Needs More Sec...
15919 views 0 | 7 tweets | 7 linkedin
BBVA runs live funds transfers over RippleBBVA runs live funds transfers over Ripple
12088 views comments | 32 tweets | 20 linkedin
Coinbase plans Ethereum messaging appCoinbase plans Ethereum messaging app
9250 views comments | 14 tweets | 15 linkedin
EC plans blockchain 'observatory'EC plans blockchain 'observatory'
8621 views comments | 9 tweets | 16 linkedin
Plastc goes into meltdownPlastc goes into meltdown
7287 views comments | 12 tweets | 7 linkedin

Featured job

to 120K base, £300K ote, stock options
London, UK

Find your next job