HBOS Australia reports solid 2004
(4 March 2005 – Australia) HBOS Australia’s total operating income grew nine percent to A$1.1 billion for 2004 in a year the bank described as "encouraging".
In the first full year of integration with British parent bank HBOS, the Australian business which consists of BankWest, Capital Finance Australia, St Andrews Australia and BOS International, grew its profit before tax 17 percent to A$506 million.
"It was very pleasing to report solid profit growth ahead of Group target in the first year of a five year plan," HBOSA chief executive David Willis said.
"Most of the work associated with integration was completed during 2004 as we maintained normal business activities while developing and implementing the first strategic initiatives as part of our longer term growth aspirations," he said.
HBOS bought its remaining shares in BankWest and its other Australian operations in late 2003.
Willis said the bank’s two pronged deposit strategy in the retail and business markets had met with significant success. In the year to December 2004, deposits grew 28 percent to A$15.1 billion.
He said the bank was continuing to build its presence in business banking, particularly on the eastern seaboard (To read about BankWest’s east coast plans, click here).
"Investment in infrastructure, people and systems impacted on the 2004 performance and are budgeted to be a feature of the results in 2005 as we continue to reshape the businesses to meet our growth plans," Willis said.
"It was very pleasing to report solid profit growth ahead of Group target in the first year of a five year plan," HBOSA chief executive David Willis said.
"Most of the work associated with integration was completed during 2004 as we maintained normal business activities while developing and implementing the first strategic initiatives as part of our longer term growth aspirations," he said.
HBOS bought its remaining shares in BankWest and its other Australian operations in late 2003.
Willis said the bank’s two pronged deposit strategy in the retail and business markets had met with significant success. In the year to December 2004, deposits grew 28 percent to A$15.1 billion.
He said the bank was continuing to build its presence in business banking, particularly on the eastern seaboard (To read about BankWest’s east coast plans, click here).
"Investment in infrastructure, people and systems impacted on the 2004 performance and are budgeted to be a feature of the results in 2005 as we continue to reshape the businesses to meet our growth plans," Willis said.
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