Bank merger pays dividends
The merger of the Bendigo and Adelaide Banks appears to have paid dividends on the bottom line, with the merged entity reporting a 40 per cent increase in net profit after tax to $170.5 million.
In an announcement released on the Australian Securities Exchange today, Bendigo and Adelaide Bank Limited announced an after-tax profit of $170.5 million for the 12 months ending June 30, representing a growth in cash earnings per share of 13 per cent to 93.7 cents per share.
Commenting on the result, Bendigo and Adelaide Bank group managing director Rob Hunt said the bank’s ability to deliver sustainable growth in profits despite the severe dislocation in global credit markets was a testament to its unique business model and management approach.
Looking at conditions for the new financial year, Hunt said that while the bank had not provided specific guidance for the 2008-09 financial year, the company did expect to continue to grow shareholder value.
Recommended for you
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
With many advisers preparing to retire or sell up, business advisory firm Business Health believes advisers need to take a proactive approach to informing their clients of succession plans.
Retirement commentators have flagged that almost a third of Australians over 50 are unprepared for the longevity of retirement and are falling behind APAC peers in their preparations and advice engagement.
As private markets continue to garner investor interest, Netwealth’s series of private market reports have revealed how much advisers and wealth managers are allocating, as well as a growing attraction to evergreen funds.
