Bendigo breaks $5 billion barrier
(28 July 2004 – Australia) Six years after it opened its first branch in response to a spate of branch closures by the major banks, Bendigo Bank’s total business is now worth more than $5 billion.
The bank said this milestone was reached when its 132nd branch was opened in Sydney’s Clovelly this week.
Bendigo Bank general manager, Community and Alliance Banking, Russell Jenkins, said the bank now held more than 320,000 accounts.
He said the first 60 branches to open were making profits while others were in a month to month trading surplus.
"Community Bank companies have shared in more than $100 million in revenue generated by their customers’ banking and their combined trading surpluses last year were $4.5 million," Jenkins said.
"Community Bank companies currently spend $4 million per month in their communities – that’s $48 million per year that is being pumped into local economies that wasn’t there before.
He said the banks had created around 700 jobs in the branches and Bendigo Bank itself had created more than 60 jobs to support the network.
Community banks had contributed around $3 million towards local projects and sponsorships and boards have paid out shareholder dividends totalling more than $1.2 million.
"There are now 30,000-plus local shareholders and well in excess of 1000 directors of local companies who are gaining skills in running a public company that will stand their communities in good stead," Jenkins said.
Bendigo Bank general manager, Community and Alliance Banking, Russell Jenkins, said the bank now held more than 320,000 accounts.
He said the first 60 branches to open were making profits while others were in a month to month trading surplus.
"Community Bank companies have shared in more than $100 million in revenue generated by their customers’ banking and their combined trading surpluses last year were $4.5 million," Jenkins said.
"Community Bank companies currently spend $4 million per month in their communities – that’s $48 million per year that is being pumped into local economies that wasn’t there before.
He said the banks had created around 700 jobs in the branches and Bendigo Bank itself had created more than 60 jobs to support the network.
Community banks had contributed around $3 million towards local projects and sponsorships and boards have paid out shareholder dividends totalling more than $1.2 million.
"There are now 30,000-plus local shareholders and well in excess of 1000 directors of local companies who are gaining skills in running a public company that will stand their communities in good stead," Jenkins said.
Subscribe