Bendigo and Adelaide Bank said technology and digital capabilities continued to support the growth of the business, while reporting a statutory profit after tax of AU$415.6 million for the full year ending 30 June 2016.
During the 12-month period, Bendigo and Adelaide Bank reported capitalised software of AU$148.8 million, double the AU$74.6 million figure recorded during the same period last year.
Meanwhile, amortisation of software intangibles increased 8.5 percent year on year from AU$14.2 million to AU$15.4 million.
IT costs, on the other hand, reduced by AU$0.4 million from last financial year to AU$69.7 million. Despite the drop, it was the third largest expense of total operating expenses that came in at AU$888 million for the 2016 financial year.
"Supported by a significant investment in technology and digital capabilities, we're firmly focused on maintaining this premium position with our customers by making it easier for them to do business with us," managing director Mike Hirst said.
"We believe that a partnering mindset will allow us to remain at the forefront of customer considerations. This is a clear strategic objective that dovetails into our bank's long-held belief that our customer success will come from focusing on the success of all stakeholders in our business."
During the year, the company made a number of digital investments such as to its new online share trading platform. In March, the bank partnered with CMC Markets Stockbroking to launch its Bendigo Invest Direct platform to give customers access to stock analytics, ASX unlisted managed funds, upcoming dividend distributions, live and historic company news, and live ASX announcements. There is also a mobile version of the platform, which the bank claims gives investors the ability to trade wherever and whenever.
The bank also adopted IBM's Bluemix cloud development platform in a bid to accelerate the development of new apps, and improve its customer service.
Additionally, the results also reflected the bank's Base II Advanced Accreditation project that saw the bank make enhancements to data, decision making processing, and risk and return measurements.
The Base II project was launched by the bank to improve the way it identifies and manages risk and services for customers through improved banking systems, business and risk management processes and practices, and operating a more capital efficient business.
"We are managing our business today as an advanced bank from a Base II perspective. The substantial investment we've made to move to our advanced accreditation has increased our risk management capability and improved how we serve our customers, and this continues to be an important focus for our bank," Hirst said.