Bankwest has announced a big lift in its cash net profit, raking in $463 million in financial year 2010-11 after lodging a $45 million loss the previous year.
The Commonwealth Bank of Australia subsidiary attributed the improved result to a 12 per cent increase in operating performance and a lower loan impairment excise.
It said operating expenses decreased by 1 per cent from the prior year, due to its focus on discretionary spending, and efficiency gains from the integration of processes with CBA.
Bankwest managing director Jon Sutton said the strong performance was an encouraging result.
We are beginning to see a positive return on a number of initiatives and significant investment we’ve made, all aimed at improving levels of customer satisfaction,” Mr Sutton said.
“I’m particularly pleased we’ve made progress with a number of key partnerships in the West
Australian community, including a major sponsorship of the West Coast Eagles.
“These investments and improvement in our financial performance have all been made possible by the consistent execution of the strategy we implemented following acquisition by CBA.”
