Bendigo boasts healthy profits
Wealth management has made a significant contribution to community bank ’sBendigo reported after-tax profits of $121.8 million for the year ending June 30, 2007, an increase of 4.4 per cent.
Commissions from Bendigo’s fledgling wealth solutions division were up 10.3 per cent to $35.2 million, primarily due to managed fund products.
The bank’s insurance division also fared well, with increased product sales and higher profits from captive insurer Sunstate Lenders Mortgage driving commissions up 31.5 per cent to $9.6 million.
Bendigo’s overall cash earnings for the year were up 15.6 per cent to $118.5 million, representing an increase of $16 million or 15.6 per cent.
AUTHOR
Mike Taylor
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