BankWest Rural and Regional profit increases

BankWest's Rural and Regional division has posted strong results for the 2006-2007 financial year with an overall growth of 38 percent from the same period last financial year.

Despite the drought in many areas of Australia, BankWest's east coast Rural and Regional business asset drawdown saw an increase of 71 percent with Western Australia posting an increase of 25 percent.

BankWest Head of Rural and Regional Ritchie said the drought had not affected lending due to the bank's diverse rural and regional revenue stream which includes commercial lending, as well as agribusiness.

"We also find that although drought is tough, many farmers have good financial management strategies in place that gives them the capacity to borrow in difficult times."
"BankWest's hundred year history in rural and regional Western Australia also means we have a level of understanding during drought that allows us to look at the longer term outlook," he said.
"We are extremely pleased with our growth so far and as we continue to open new business banking centres in rural and regional Australia, we will offer customers an even greater choice of competitive financial agribusiness and commercial products."

Year to date BankWest has opened new business banking centres in Goondiwindi, Orange, Coffs Harbour, Townsville, Mildura and Ballarat.  A further three centres will open in Port Macquarie, Lismore and Rockhampton later this year.

"Rural and regional Australia is a key part of BankWest's growth strategy and we have continuing plans to grow this portfolio across Australia."
BankWest's parent company HBOS Australia recently announced a 16 percent increase in underlying profit before tax of $368million for the half year to 30 June 2007.
In July BankWest announced its expansion plans to roll-out more than 160 new retail and commercial banking centres on the east coast.

"Our recent expansion announcement means it will be even easier for BankWest customers to access our services and products over the coming years," Mr Ritchie said.

About BankWest Business
BankWest Business provides a full range of core and specialist business banking products and services to all business market segments from small business to large corporates. From market leading transaction and investment accounts through to flexible business loans and sophisticated Financial Market and International Trade products, we are an organisation committed to making a meaningful difference in the financial services marketplace with our simple and straightforward products. Our energetic approach and attitude aims to reject the status quo and present a significant challenge to the conventions and the competition.
BankWest Business has a presence in capital cities, rural areas and regional locations throughout Australia. We focus on key markets including Property Finance, Small Business, Commercial, Rural and Regional and Corporate.

We also offer a flexible range of products and competitive lending guidelines across specialist industries such as Aged Care, Childcare, Hotels/Accommodation, Franchise and Pharmacy. We recognise the value of the going concern of a business, along with the value of its people and brand, not just its fixed assets or balance sheet.

Our business banking managers have been selected for their industry knowledge and experience and take the time to get to know their customers' business to find the best products and services to meet their needs.
BankWest has been around for more than 100 years and is now part of the HBOS Australia group with assets of over $39 billion. Backed by our parent company HBOS plc, one of the world's largest financial services groups, we are providing a fresh customer experience and challenging the Australian market. BankWest is the fastest growing business bank in Australia*, and because we are growing, we will try harder to help grow your business.

Bridget Tombleson, +61 (8) 9449 6768 or 0407 084 359
Media Relations Manager, HBOS Australia
bridget.tombleson@hbosa.com.au