Bankwest delivered a strong performance, achieving a cash net profit after tax of $463 million for the year, up significantly from $45 million loss in the prior year.

Bankwest Opening of Bankwest's Top Ryde store in Sydney

The operating performance of the business was strong with above system home loan balance growth, effective deposit margin management and the continuing focus on cost management.

Impairment expense decreased by 86 percent to $109 million due to the non-recurrence of property related impairment that impacted the prior year.

Bankwest retains an absolute focus on customer satisfaction, with a commitment to value, innovation and service. A number of initiatives during the year have supported this vision. These include continued reinvigoration of the Bankwest brand in Western Australia through further investments in the branch network and targeted marketing campaigns combined with the successful launch of new internet and mobile banking services.

Bankwest's success has been reflected in:
  • Winning the AFR Smart Investor 2010 "Bank of the Year Award"

  • Five products receiving gold awards in Money Magazine's 2011 Best of the Best Awards, including "Best Everyday Branch Access Account" and "Cheapest Business Transaction Account"

  • The CANSTAR CANNEX 2011 "Innovation Excellence Award" for the Business Zero Transaction Account, and

  • Awarded an outstanding achievement award from the International Interactive Media Council for the new public website.