Bendigo Bank announces half yearly results

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.



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