Bankwest posts profit
(17 February 2012 – Australia) Bankwest booked a near 20 percent increase in first-half net profit.
The Western Australia-headquartered bank, owned by the Commonwealth Bank of Australia (CBA), today reported a net profit of A$268 million for the six months to the end of December 2011, up 19.6 percent on the prior corresponding period.
Compared to the previous period, the figure is up by 12.1 percent.
Bankwest said its net interest income had grown by 10 percent on the previous period to A$748 million, while its home loan balances had grown 13 percent to A$49 billion.
The bank said that growth can be attributable to product innovation, targeted marketing campaigns and the maturing of its east coast branch network.
Business bank loans at Bankwest declined by 7 percent to A$21 billion due to a "reduction in higher risk exposures", while retail deposit balances increased by 12 percent to A$17 billion.
Earlier in the week, Bankwest announced its decision to raise its standard variable rate (SVR) on home loans by 10 basis points to 7.3 percent per annum. The new rate will come into effect on February 20.
Bankwest’s announcement coincided with CBA’s decision on the same day to increase the SVR on home loans by 10 basis points to 7.41 percent.
Compared to the previous period, the figure is up by 12.1 percent.
Bankwest said its net interest income had grown by 10 percent on the previous period to A$748 million, while its home loan balances had grown 13 percent to A$49 billion.
The bank said that growth can be attributable to product innovation, targeted marketing campaigns and the maturing of its east coast branch network.
Business bank loans at Bankwest declined by 7 percent to A$21 billion due to a "reduction in higher risk exposures", while retail deposit balances increased by 12 percent to A$17 billion.
Earlier in the week, Bankwest announced its decision to raise its standard variable rate (SVR) on home loans by 10 basis points to 7.3 percent per annum. The new rate will come into effect on February 20.
Bankwest’s announcement coincided with CBA’s decision on the same day to increase the SVR on home loans by 10 basis points to 7.41 percent.
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