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.
Recommended for you
In this episode of Relative Return Insider, host Keith Ford is joined by Cyber Daily deputy editor David Hollingworth to take you inside the evolving landscape of cyber crime, how even huge companies can be at risk of breaches, and what that means for anyone trying to understand the risks.
The latest episode of Relative Return sees host Laura Dew chat with Richard Ivers and Mike Younger, co-portfolio managers at Prime Value Asset Management, on their newly launched Microcap Fund and opportunities in small and mid-cap shares.
In this week’s episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford dive into the week's top news, from investors remaining blasé about tariff announcements to bitcoin surging and unemployment numbers.
In this week’s episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford take a look at the Reserve Bank’s expectation-defying interest rate hold and whether the move is the start of a fundamental change in the central bank’s approach.
