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.
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