BankWest growth not affected by drought
(13 August 2007 – Australia) BankWest’s Rural and Regional division has delivered 38 percent growth for the 2007 financial year.
The bank said its Western Australian Rural and Regional business had not been impacted by the drought and its asset drawdown grew 25 percent compared with 71 percent for the east coast business.
BankWest head of Rural and Regional, Jamie Ritchie, said the diversity of the bank’s rural and regional revenue stream, which included commercial lending and agribusiness, had softened the impact of the drought.
He said many farmers had good financial management strategies in place that allowed them to borrow in difficult times.
He said the bank would continue to open new business banking centres in rural and regional Australia.
BankWest’s parent company HBOS Australia recently announced a 16 percent increase in underlying profit before tax of A$368million for the half year to 30 June 2007.
Last month, the bank announced it would roll out some 160 new retail and commercial banking centres on the east coast.
BankWest head of Rural and Regional, Jamie Ritchie, said the diversity of the bank’s rural and regional revenue stream, which included commercial lending and agribusiness, had softened the impact of the drought.
He said many farmers had good financial management strategies in place that allowed them to borrow in difficult times.
He said the bank would continue to open new business banking centres in rural and regional Australia.
BankWest’s parent company HBOS Australia recently announced a 16 percent increase in underlying profit before tax of A$368million for the half year to 30 June 2007.
Last month, the bank announced it would roll out some 160 new retail and commercial banking centres on the east coast.
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