(Australia) – Bad debts stemming from its aggressive attempt to expand into business lending have resulted in a 6.9 percent profit fall at Perth based BankWest.BankWest, which is majority owned by Britain’s HBOS group, reported a net profit of A$155.9 million for the 2002 calendar year, down from A$167.4 million in 2001.
A doubtful debts charge of A$37.7 million – up from A$17.4 million in 2001 – was largely to blame for the result.
The bulk of that charge was taken up by a A$10 million hit for the bank’s exposure to failed Queensland miner Selwyn Mines.