Bendigo boasts healthy profits
Wealth management has made a significant contribution to community bank ’sBendigo reported after-tax profits of $121.8 million for the year ending June 30, 2007, an increase of 4.4 per cent.
Commissions from Bendigo’s fledgling wealth solutions division were up 10.3 per cent to $35.2 million, primarily due to managed fund products.
The bank’s insurance division also fared well, with increased product sales and higher profits from captive insurer Sunstate Lenders Mortgage driving commissions up 31.5 per cent to $9.6 million.
Bendigo’s overall cash earnings for the year were up 15.6 per cent to $118.5 million, representing an increase of $16 million or 15.6 per cent.
AUTHOR
Mike Taylor
Recommended for you
In this episode of Relative Return Unplugged, hosts Maja Garaca Djurdjevic and Keith Ford are joined by special guest Shane Oliver, chief economist at AMP, to break down what’s happening with the Trump trade and the broader global economy, and what it means for Australia.
In this episode, hosts Maja Garaca Djurdjevic and Keith Ford take a look at what’s making news in the investment world, from President-elect Donald Trump’s cabinet nominations to Cbus fronting up to a Senate inquiry.
In this new episode of The Manager Mix, host Laura Dew speaks with Claire Smith, head of private assets sales at Schroders, to discuss semi-liquid global private equity.
In this episode of Relative Return, host Laura Dew speaks with Eric Braz, MFS portfolio manager on the global small and mid-cap fund, the MFS Global New Discovery Strategy, to discuss the power of small and mid-cap investing in today’s global markets.
