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
Donald Trump’s presidency has already begun reshaping the corporate and political landscape in the US, with executive orders rolling back diversity, equity, and inclusion (DEI) initiatives and clean energy efforts.
In this episode of Relative Return Unplugged, hosts Maja Garaca Djurdjevic and Keith Ford are joined by AMP chief economist Shane Oliver to take a look at what can be learned from 2024 as attention turns to what markets will do in the new year.
Join us for a special episode of Relative Return Unplugged as hosts Maja Garaca Djurdjevic and Keith Ford are joined by shadow financial services minister Luke Howarth to discuss the Coalition’s goals for financial advice.
In this special episode of Relative Return Unplugged, we are sharing a discussion between Momentum Media’s Steve Kuper, Major General (Ret’d) Marcus Thompson and AMP chief economist Shane Oliver on the latest economic data and what it means for Australia’s economy and national security.
