BankWest's parent HBOS books fy $552m profit

HBOS Australia today announced an 18 per cent increase in underlying profit before tax to $552 million for the group's financial year to December 31 2005.

In announcing the results, HBOS Australia chief executive David Willis said, "the performance has exceeded expectations and reflects the underlying strength in the groups five business streams."

HBOS did not release profit results for its Perth-based subsidiary BankWest.

However the retail division, which operates under the BankWest brand, continued its push to build national market share with a customer value product-led strategy, which saw lending increase 21 per cent to $19.8 billion and deposits grow to $10.5 billion - up 33 per cent.

The BankWest branded business division of the company also made strong gains in market share, recruiting more than 100 business banking managers.

Lending in this area of the business grew 44 per cent to $8.8 billion, while deposits improved 54 per cent to $10.6 billion.