​Westpac posts 12 percent jump in technology expenses for FY15

Westpac Group said it continued to make progress in rolling out its digital transformation strategy during the 2015 financial year, reflective of the technology expenses that continued to increase.

The bank reported a statutory net profit for the full year of AU$8 billion, up 6 percent over the prior year.

Technology expenses came in at AU$354 million post-tax, up 12 percent compared to the 2014 full year. The bank said the increase in technology expenses was due to higher investment related expenses, including an increase in software amortisation and IT equipment depreciation of AU$118 million, higher software licensing, and increase in telecommunications costs related to bra