0350 GMT - Australian banks' technology spending is likely to come under scrutiny over the coming years as investors focus on the benefits of higher investment, according to the head of KPMG's local banking and capital markets practice. David Heathcote says fiscal 1H technology expenses across the big four banks rose 11% on year, with Commonwealth, Westpac, NAB and ANZ responding to customer demand for innovation and a focus on AI. This lifted the average cost-to-income ratio by 89 basis points. He points out that profits and dividends rose by 3.5% and 2.6%, respectively, across the same period. Consequently, he anticipates an "increasing focus on the majors' ability to generate an enhanced return from their investments." (stuart.condie@wsj.com)
(END) Dow Jones Newswires
May 07, 2025 23:50 ET (03:50 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.