Bankwest net profit, earnings increased

BANKWEST has announced a net profit after tax of $116.1 million for the year to February 1999.

That is a 25.1 per cent increase on the $92.8 million result of the previous financial year. Earnings per share rose 19.8 per cent to 24.2 cents.

Net profit in the previous year was affected by abnormal costs of $8.1 million after tax. After adjusting for this, the latest result was up 15.1 per cent.

BankWest chairman Ian Mackenzie said the bank had increased the final dividend to 9 cents per share fully franked, lifting total dividends for the year to 16.5 cents per share. In the previous year the bank paid a final dividend of 8 cents and total dividends were 15.5 cents.

BankWest managing director Terry Budge said one of the highlights was the increase of non-interest income, which now accounts for one-third of total income.

“We aim to achieve further profitable growth through our own network and by working with third parties,” Mr Budge said. “A major focus will be GuildBank, our venture with the Pharmacy Guild of Australia.”