Bendigo and Adelaide Bank revises earnings guidance
The Bendigo and Adelaide Bank Group has revised its earnings guidance in the face of what it describes as the challenges faced by the bank in the first nine months of the financial year.
In an announcement released on the Australian Securities Exchange today, the banking group said that guidance for the financial year ended June 30, 2009, had been revised to cash earnings per share of between 70 and 75 cents.
The update announcement said the bank had continued to restructure in response to the pressure being presented by the global financial crisis and the subsequent deterioration in the domestic economy.
It said that while these efforts had had a short-term negative impact on parts of the business, they had placed the bank in the best position to withstand the current challenges and grow both earnings and profits into the future.
The announcement said revised forecasts for the financial year were for cash earnings of between $205 million and $218 million, which represented between 70 and 75 cents per share.
AUTHOR
Mike Taylor
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