Banking News

HBOS Australia up 20 percent

HBOS Australia up 20 percent

(2 March 2007 – Australia) HBOS Australia has posted a 20 percent increase in underlying profit before tax to A$661 million for the 2006 financial year. The bank's commercial division grew lending by 45 percent to A$17.3 billion, compared with A$11.9 billion the year before. Deposits grew to A$16.5 billion from $11.7 billion for FY2005, an increase of 41 percent.

HBOS Australia’s corporate business, operating under the BOS International brand, grew its lending book 35 percent to A$12.7 billion, up from A$9.4 billion in 2005.

HBOS Australia chief executive David Willis said the bank had made consistent progress since the Australian operations were combined in 2003.

"Along with strong growth in revenue and profit, which is up more than 60 percent in the three years we have been operating as a group, we have also increased market share and built a solid platform from which to accelerate growth in the future," he said.

The group had increased operating expenses by 13 percent in 2006, down from 25 percent in 2005, as a result of infrastructure, systems, compliancy and staff investment, particularly over the second half of 2006.

"Accelerated investment in 2007 is planned for growth and will impact on costs and profit growth in 2007," Willis said.
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