The Government has welcomed the R&I Bank's return to profitability.
R&I chairman Dr Ross Garnaut announced today that a net profit of $14.8 million had been earned for the six months to March 31, 1992.
"The result is consistent with the Government's strategy for the R&I's partial privatisation on the basis of the bank returning good profit figures for maximum benefit to the State," Dr Gallop said.
"Dr Garnaut has indicated today the State will receive an interim dividend of $10 million, or 2.22 cents per share."
Dr Gallop said the R&I's performance in Western Australia's housing loan market was particularly pleasing. Almost one in every three dollars approved for home lending by banks in WA in the six-month period was provided by the R&I.
"The result underlines the competitive spirit of the R&I's board, management and staff in tough economic conditions," the Minister said.
"It is also indicative of the support the R&I has earned from Western Australians."
