Bankwest records $139 million loss in 2008
Bankwest recorded a loss of $139 million for the full year in 2008.
The loss was due to the deteriorating economy and an increase in appropriate provisions for the company. The increase in provisions was driven by a small number of large property exposure in New South Wales and Queensland and exposure in business lending.
Loan impairments increased to $825.3 million last year from $87.8 million in 2007.
Operating costs for the bank rose 12 per cent to $908.6 million last year.
The managing director of Bankwest, Jon Sutton, said the bank had improved its credit underwriting standards in retail and business banking to increase its control over credit.
AUTHOR
Benjamin Levy
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