The total amount spent on IT includes staff costs, amortisation and depreciation. With these excluded, technology spend was R3.5-billion for the six months, up 7 from the same period a year ago. IT-related staff costs for the period amounted to R2.2-billion.
"Absa increased its investment in IT-related spend, with costs increasing 5 to R8.2-billion, mainly reflecting investment into new digital capabilities resulting in higher cybersecurity, as well as software licence and maintenance costs," Absa said in a statement on Monday alongside its interim financial results.
"Ongoing investments in new technologies, digitisation and the use of AI are expected to yield benefits through operational streamlining and automation, which will further enhance delivery on client-centric solutions."