Bankwest

A continued disciplined approach to the execution of the Group's five strategic priorities has delivered another good result.

Bankwest

Bankwest delivered a cash net profit after tax of $60 million, up from the pro forma profit of $3 million for the year ended 30 June 2009.

Retail Customer Growth

The result reflects a strong operating performance, partly offset by higher loan impairment expense. Banking income increased by 25 per cent, to $1,720 million and operating expenses decreased by 3 per cent to $880 million.

The cash net profit after tax was unfavourably impacted by loan impairment expense of $754 million which was mainly due to property related exposures, primarily in Queensland and New South Wales.

Bankwest retains an absolute focus on customer satisfaction, with a commitment to value, innovation and services. A number of initiatives have been implemented during the year to meet this vision. These include the introduction of e-statements for retail customers, late night and weekend trading across the branch network as well as continued investment in customer network, which now includes 138 branches and 742 ATMs.

The success of these initiatives has been reflected in:

  • An improved customer satisfaction scores of 78.9 per cent, up 2.7 per cent;
  • An increase in home loan market share, up 0.45 per cent to 3.62 per cent;
  • Six products receiving gold awards in Money Magazine‚Äôs 2010 Best of the Best Awards; and
  • Three retail deposits receiving a five star rating from CANSTAR CANNEX.

Bankwest