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HBOS reports 56% net profit slump
31-July-08
Written by AAP & Rebecca Lawson
HBOS, the UK parent company of BankWest, has recorded a 56 per cent fall in net profits for the first half of 2008 due to credit crunch turbulence while earnings at its Australian arm dipped 12 per cent.
Net profits sank to $A1.95 billion in the six months to June, down from last year's $4.44 billion, the British bank said in a results statement today.
Pre-tax profits plunged by almost 72 per cent to $1.8 billion, compared with $6.3 billion previously.
It also said it suffered a 36% leap in bad debts to $2.7 billion in the first half as hard-pressed customers struggled with repayments.
Article continues...
31-July-08
Written by AAP & Rebecca Lawson
HBOS, the UK parent company of BankWest, has recorded a 56 per cent fall in net profits for the first half of 2008 due to credit crunch turbulence while earnings at its Australian arm dipped 12 per cent.
Net profits sank to $A1.95 billion in the six months to June, down from last year's $4.44 billion, the British bank said in a results statement today.
Pre-tax profits plunged by almost 72 per cent to $1.8 billion, compared with $6.3 billion previously.
It also said it suffered a 36% leap in bad debts to $2.7 billion in the first half as hard-pressed customers struggled with repayments.
Article continues...
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