Wealth management helps Bendigo to profit
A solid contribution from its wealth management division has helped the Bendigo Bank to a rise in profits of more than $10 million.
The country’s community bank, which has more than 300 branches, announced a $90.4 million after tax profit for 2005 today, up $10.6 million from $79.8 million in 2004.
The group’s wealth management division, which includes its financial planning and funds management arms, recorded a profit of $18.8 million, up 33 per cent from $14.1 million last year.
The result was helped by a $0.6 billion, or 25 per cent growth in the amount managed by Bendigo’s funds management subsidiary, Sandhurst Trustees, which grew the total amount it manages in superannuation and investment funds to $2.7 billion.
The bank’s financial planning dealer group, Benwest Investment Services, has also been in a growth phase, increasing the number of its advisers from 22 to 49 over the past year, according to Money Management’s Top 100 dealer Groups survey.
Commenting on the result, Bendigo managing director Rob Hunt said in a statement: “This is yet another strong result reflecting the ongoing growth in our business and customer numbers across the group”.
Recommended for you
In this episode of Relative Return, host Maja Garaca Djurdjevic is joined by shadow treasurer Angus Taylor to discuss the current state of the financial advice sector, the economy, the housing affordability crisis and more.
In this episode of Relative Return, host Laura Dew speaks with Andrew Mitchell, director and senior portfolio manager at Ophir Asset Management, about why he loves working in fund management and the lessons he’s learnt in a decade of running a firm.
In this episode of Relative Return, host Laura Dew speaks with Blackwattle Investment Partners managing director and chief investment officer, Michael Skinner, about setting up an asset manager and what he looks for in an investment team.
In this special episode of Relative Return, Momentum Media’s Phil Tarrant and Jordan Coleman discuss the publishing house’s expansion into greater coverage of the wealth management space.