Bendigo Bank announces half yearly results

19 February 2008
| By George Liondis |

Bendigo Bank has revealed strong growth and a $72.8 million profit after tax for the half year ending December 31, 2007.

The result, which is the first since its merger with Adelaide Bank in November 2007, is a 34 per cent improvement on last year’s result. The period covered includes six months of Bendigo Bank accounts and one month of Adelaide Bank.

Cash earnings per share increased by 10.3 per cent, while the interim dividend also increased by four cents to 28 cents per share (fully franked).

Bendigo Bank managing director Robert Hunt said the results demonstrated the bank’s ability to achieve solid growth despite current market conditions.

“The global financial services sector is experiencing a period of significant volatility and reduced confidence, with funding more difficult and more expensive to obtain.

“In that environment, we have demonstrated a commitment to write quality credit in reasonable volumes and at profitable prices, and that remains the focus of the merged group,” he said.

Bendigo Bank has also reaffirmed its full year earnings per share growth target of 12 per cent.

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

4 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months ago

Commonwealth Bank has formally dropped to zero advisers following LGT Crestone’s acquisition of its advice arm – some six years on from the Hayne royal commission. ...

3 weeks 4 days ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

2 weeks 3 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
3