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Strong deposit growth pays off for HBOS

Staff Reporter 1 minute read

HBOS Australia, which operates BankWest, yesterday announced a 15 per cent rise in underlying profit to $757 million for the 12 months to December 31 2007.

Chief executive of HBOS Australia David Willis said he was delighted with the result, particularly due to the costs they’d incurred with extensive branch expansion.

Deposit growth was a key aspect of HBOS’ strong performance, with BankWest increasing its deposit book by 30 per cent to $37.1 billion in 2007, it said.

Mr Willis said competition for deposits had increase due to the difficulty of raising funds in wholesale markets.

“These current market conditions have put much more emphasis on deposits,” Mr Willis told The Australian Financial Review today.

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The lender also said it was on track to opening its planned 40 retail outlets and seven business centres on the east coast in 2008.

Published: 29-02-08

Strong deposit growth pays off for HBOS
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