Bendigo and Adelaide Bank lifts FY cash profit 6.4%

13 August 2018

Bendigo and Adelaide Bank has announced an underlying cash profit of $445.1 million for the year to 30 June, 2018, following a strong performance from its Local and Partner divisions in the face of highly competitive lending markets.

The rural and regional bank declared a fully franked final dividend of 35 cents a share, up 1 cent on the same half in the prior year.

“While all lending markets remain highly competitive, particularly lending to owner occupiers, we have seen solid earnings growth across the Local and Partner segments,” the bank’s managing director, Marnie Baker said.

“Margin performance was strong, up 14 basis points for the financial year, with a margin of 2.36 per cent, driven in part by a disciplined approach to asset and liability pricing.”

Baker said while no bank was immune from the heightened attention surrounding the ongoing Royal Commission, the inquiry represented a “strong opportunity”.

“Our recent accolade as Australia’s most trusted bank – and third most trusted brand – in the Roy Morgan Net Trust Score is one of many metrics that indicates our strategy resonates with our 1.6 million customers,” she said.

“The time for our bank is now. Our strategy is to focus on the success of our customers, people, partners and communities to be Australia’s bank of choice. Our history of delivering and innovating, and the uniquely nimble composition of our business, will ensure shared success through our strategic partnering mindset.

“Our proposition is strong – our customer focus, high trust ratings and customer advocacy provide a great platform for business growth.”

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