Bendigo reports strong profit result
Bendigo and Adelaide Bank has announced a full-year net profit after tax of $342.1 million for the 12 months ending 30 June – a 41 per cent increase over the previous corresponding period.
Bendigo Wealth Management made a solid contribution to the bank’s result, with the analysis released to the Australian Securities Exchange (ASX) pointing to “the potential for strong growth”.
It said Bendigo Wealth Management had increased its IT investment and distribution capability.
The result, announced to the ASX today, was described by the banking group’s managing director, Mike Hirst, as a strong reflection of its robust business model, particularly the shared value approach taken in its partnering businesses.
“We have seen extremely strong deposit inflows and lending demand from our customers,” he said. “More than 90 per cent of the bank’s on balance sheet funding comes from retail deposits and our lending growth is comfortably exceeding system,” Hirst said.
AUTHOR
Mike Taylor
Recommended for you
In this week’s episode of Relative Return Insider, AMP chief economist Shane Oliver joins the show to discuss Australia’s stagnating productivity ahead of the government’s economic reform roundtable, and how picking all the “low-hanging fruit” for reform in the ’90s helped kick off a surge that has since stalled out.
In this episode of Relative Return Insider, host Keith Ford is joined by Cyber Daily deputy editor David Hollingworth to take you inside the evolving landscape of cyber crime, how even huge companies can be at risk of breaches, and what that means for anyone trying to understand the risks.
The latest episode of Relative Return sees host Laura Dew chat with Richard Ivers and Mike Younger, co-portfolio managers at Prime Value Asset Management, on their newly launched Microcap Fund and opportunities in small and mid-cap shares.
In this week’s episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford dive into the week's top news, from investors remaining blasé about tariff announcements to bitcoin surging and unemployment numbers.
