Bendigo reports strong profit result
Bendigo and Adelaide Bank has announced a full-year net profit after tax of $342.1 million for the 12 months ending 30 June – a 41 per cent increase over the previous corresponding period.
Bendigo Wealth Management made a solid contribution to the bank’s result, with the analysis released to the Australian Securities Exchange (ASX) pointing to “the potential for strong growth”.
It said Bendigo Wealth Management had increased its IT investment and distribution capability.
The result, announced to the ASX today, was described by the banking group’s managing director, Mike Hirst, as a strong reflection of its robust business model, particularly the shared value approach taken in its partnering businesses.
“We have seen extremely strong deposit inflows and lending demand from our customers,” he said. “More than 90 per cent of the bank’s on balance sheet funding comes from retail deposits and our lending growth is comfortably exceeding system,” Hirst said.
AUTHOR
Mike Taylor
Recommended for you
In this week’s episode of Relative Return Unplugged, Dr Vladimir Tyazhelnikov from the University of Sydney’s School of Economics joins the show to break down the shifting sands of global trade dynamics and attempt to understand the way US President Donald Trump is employing tariffs.
In this week’s special episode of Relative Return Unplugged, we present shadow treasurer Angus Taylor’s address at Momentum Media’s Election 2025 event, followed by a Q&A covering the Coalition’s plans for the financial services sector.
In this week’s episode of Relative Return Unplugged, AMP chief economist Shane Oliver joins the show to unravel the web of tariffs that US President Donald Trump launched on trading partners and take a look at the way global economies are likely to be impacted.
In this episode of Relative Return, host Laura Dew is joined by Andrew Lockhart, managing partner at Metrics Credit Partners, to discuss the attraction of real estate debt and why it can be a compelling option for portfolio diversification.
