Bendigo profit up 30 percent, but costs also rise
(Australia) - Emerging regional player Bendigo Bank has posted a 30 percent rise in half-year profit to A$25.4 million, but its expenses grew as much as its revenue, disappointing analysts.
Income was up 21 percent to A$162 million for the six months to December 31, but costs were up 20 percent to A$130 million.
Bendigo has embarked on an ambitious program of expansion, partly through its own branches and partly through joint venture "community banks."
Bendigo has embarked on an ambitious program of expansion, partly through its own branches and partly through joint venture "community banks."
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