Bank merger pays dividends
The merger of the Bendigo and Adelaide Banks appears to have paid dividends on the bottom line, with the merged entity reporting a 40 per cent increase in net profit after tax to $170.5 million.
In an announcement released on the Australian Securities Exchange today, Bendigo and Adelaide Bank Limited announced an after-tax profit of $170.5 million for the 12 months ending June 30, representing a growth in cash earnings per share of 13 per cent to 93.7 cents per share.
Commenting on the result, Bendigo and Adelaide Bank group managing director Rob Hunt said the bank’s ability to deliver sustainable growth in profits despite the severe dislocation in global credit markets was a testament to its unique business model and management approach.
Looking at conditions for the new financial year, Hunt said that while the bank had not provided specific guidance for the 2008-09 financial year, the company did expect to continue to grow shareholder value.
Recommended for you
Inefficient data processes and systems mean advisers are spending over half of their time on product implementation and administration at the expense of clients, according to research.
With the regulator announcing its enforcement focus for 2025 last week, law firm Hall & Wilcox examines the areas which have dropped down the list in priority for the regulator.
South Australian financial advice and accounting business Perks has extended its paid parental leave program from 12 to 26 weeks, putting it on par with big four firms.
Mason Stevens has tapped Investment Trends’ head of growth, alongside two other hires, to bolster its distribution team.
