Commonwealth Bank reports profit up 34% alongside higher IT costs
On a year on year basis, IT services expenses increased by 9% for the half year to 31 December 2019.
On a year on year basis, IT services expenses increased by 9% for the half year to 31 December 2019.
It comes as the group achieves AU$642 million in net profit after tax for 1H20 to 31 December 2019.
The yellow bank said it doesn't want to be a 'passive equity investor'.
CBA now has 50:50 ownership rights in the Swedish-based company's Australian and New Zealand business.
Airtel Payments Bank customers can soon direct Western Union money transfers into their bank accounts in real-time.
The financial service said it would not do so unless changes to the Consumer Data Right are made.
It claims there's "enormous potential" to use regtech to detect breaches and misconduct.
It follows recommendations that were made in the final report of the Banking Royal Commission.
Austrac alleges the bank failed to consistently assess and monitor ongoing money laundering and terrorism financing risks.
The bank claims the platform will help it prepare for the open banking regime and is part of its digital banking strategy.