Wealth management helps Bendigo to profit
A solid contribution from its wealth management division has helped the Bendigo Bank to a rise in profits of more than $10 million.
The country’s community bank, which has more than 300 branches, announced a $90.4 million after tax profit for 2005 today, up $10.6 million from $79.8 million in 2004.
The group’s wealth management division, which includes its financial planning and funds management arms, recorded a profit of $18.8 million, up 33 per cent from $14.1 million last year.
The result was helped by a $0.6 billion, or 25 per cent growth in the amount managed by Bendigo’s funds management subsidiary, Sandhurst Trustees, which grew the total amount it manages in superannuation and investment funds to $2.7 billion.
The bank’s financial planning dealer group, Benwest Investment Services, has also been in a growth phase, increasing the number of its advisers from 22 to 49 over the past year, according to Money Management’s Top 100 dealer Groups survey.
Commenting on the result, Bendigo managing director Rob Hunt said in a statement: “This is yet another strong result reflecting the ongoing growth in our business and customer numbers across the group”.
Recommended for you
In this episode of Relative Return Unplugged, hosts Maja Garaca Djurdjevic and Keith Ford are joined by AMP chief economist Shane Oliver to take a look at what can be learned from 2024 as attention turns to what markets will do in the new year.
Join us for a special episode of Relative Return Unplugged as hosts Maja Garaca Djurdjevic and Keith Ford are joined by shadow financial services minister Luke Howarth to discuss the Coalition’s goals for financial advice.
In this special episode of Relative Return Unplugged, we are sharing a discussion between Momentum Media’s Steve Kuper, Major General (Ret’d) Marcus Thompson and AMP chief economist Shane Oliver on the latest economic data and what it means for Australia’s economy and national security.
In this episode of Relative Return Unplugged, co-hosts Maja Garaca Djurdjevic and Keith Ford break down some of the legislation that passed during the government’s last-minute guillotine motion, including the measures to restructure the Reserve Bank into a two-board system.
