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Strong results for HBOS, StateWest

TWO Western Australian financial institutions have released excellent half-year profit results. Owner of BankWest, HBOS Australia, has posted a strong profit, while the member-owned StateWest Credit Society also reported sound financial results to December 31. HBOSA’s half-year profit before tax and exceptional items was $506 million, up 17 per cent on the corresponding period last year. Operating income was up 9 per cent to $1.1 billion, with expenses also up 8 per cent to $557 million. In 2005 HBOSA intends to consolidate the treasury operations of BankWest and BOS International Australia into a single branch of HBOS Treasury Services, based in Sydney, which will support the Group’s Australian activities. StateWest was also in the black for the half-year, recording a before-tax profit, excluding abnormals, of $5.23 million. The result was a 10 per cent increase on the corresponding period last year. StateWest chief executive Greg Wall attributed the profit to an across-the-board improvement and the take-up of additional financial services by its members. StateWest is WA’s second largest member-owned financial institution with 64,000 members.

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