Bank of Queensland increases IT spending

18 October 2006

Australia's Bank of Queensland increased its spending on banking technology in 2006 as a result of rising data processing costs within the industry, according to local press reports.

According to the Australian newspaper, spending on IT and related technologies rose by 9.3 per cent over a 12-month period, with the bank parting with a total of AUS$56.4 million (£22.74 million) in order to increase its capability in data processing.

Bank of Queensland's processing costs have increased significantly over the year, rising from AUS$31 million a year ago to AUS$38.5 million, the newspaper reports.

The bank said in its accounts that it expected to spend more on IT systems in the future.

"The bank will continue to provide a wide range of banking and financial services for the benefit of customers, expanding and developing these where appropriate," it said.

"This will require further investment, particularly in systems and information technology."

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development