Record profits at Commonwealth bank of Australia have been underpinned by a A$1.2 billion spend on initiatives including risk and compliance projects, technology and productivity.
Both expense growth and net income rose by five percent over the prior year as the bank recorded a $9.14 billion cash profit for FY2015.
Presenting the results, group CEO Ian Narev says: "Technology again featured strongly in the high levels of investment that we maintained throughout this financial year."
Of the $1.25 billion, 58% was spent of productivity and growth initiatives, 30% on risk and compliance, and 12% ($150 million) went to tech upgrades across the branch network, including the installation of video conferencing facilities and the distribution of tablets and accompanying software to front line staff.
Says Narev: "Our focus remains on the use of technology to improve all our channels, and to underpin continuous process improvement, to simplify our customers’ experience with us."