The Commonwealth Bank of Australia (CBA) has reported 12-month statutory net profit after tax of AU$9.4 billion, a 4.7 percent decrease from FY17, in a year the bank would rather forget. Operating income for the year ended June 30, 2018, was AU$25.9 billion, up 2.6 percent year on year, and operating expenses totalled AU$11.6 billion, up 9.2 percent over the prior year. CBA said the increase in operating expenses was due to civil penalty proceedings, and one-off expenses such as financial crime compliance and higher technology costs. IT services spend was up 13 percent in FY18 to AU$1.7 billion. The bank said this was mainly due to a AU$65 million increase in capitalised software impairments, which was driven by a decision to implement a new AU$51 million institutional lending platform, and a AU$58 million increase in amortisation of software assets, higher software licence costs, and lower vendor rebates. During the year, the bank replaced its CEO with Matt Comyn after Ian Narev exited the bank amid investigations from Australia’s financial intelligence and regulatory agency, Austrac. CBA in June entered into an agreement with Austrac to end civil proceedings initiated in August 2017. The agreement sees the bank admitting to 53,750… Read full this story
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