Total IT spend at FirstRand, which also owns Rand Merchant Bank, for the year ending 30 June 2024 reached R19.3-billion, up 8% from R18-billion in 2023.
This huge spend is only eclipsed by Standard Bank Group, which in the year ended 31 December 2023 spent R23.2-billion on IT. Some R6-billion of Standard Bank's IT spending went to staff costs, while software, cloud and technology-related costs made up the bulk of the spend, at R12.3-billion.
FirstRand's technology staff costs account for the bulk of the group's IT budget, representing 45% of total IT spend at R8.4-billion, up 5% year on year. Computer expenses was the second most significant line item at R5.5-billion, up 15% and accounting for 29% of the total.
Other components of FirstRand's IT spend include repairs and maintenance of R620-million, software amortisation of R224-million and professional fees of R2.6-billion.
