Bendigo Bank says performance on track
(Australia) - Up and coming Australian regional Bendigo Bank says it is on track to meet its performance targets this year, and expects to beat last year's A$48 million profit.
Addressing shareholders at the bank's annual general meeting, Chairman Richard Guy said he expected "strong margin performance" given the bank's strong retail growth.
Alliances with other small players such as Elders Rural Bank and Tasmanian Banking Services would also help boost the result.
Guy hailed the bank's "community bank" scheme - where Bendigo enters a joint venture with a community to form a local bank - as a great success, and said it had helped swell customer numbers by "more than 10,000 each month over a lengthy period."
The community bank's returned A$5.4 million last year, a figure that was expected to grow to A$7 million this year.
Bendigo Bank has total assets of around A$8 billion.
Alliances with other small players such as Elders Rural Bank and Tasmanian Banking Services would also help boost the result.
Guy hailed the bank's "community bank" scheme - where Bendigo enters a joint venture with a community to form a local bank - as a great success, and said it had helped swell customer numbers by "more than 10,000 each month over a lengthy period."
The community bank's returned A$5.4 million last year, a figure that was expected to grow to A$7 million this year.
Bendigo Bank has total assets of around A$8 billion.
Subscribe