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.
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