Bad debts hit BankWest
(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.
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.
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