Bendigo Results in Summary
(19 February 2008 – Australia) Bendigo Bank has announced a A$72.8 million profit for the half-year ended December 31 2007, a 34.1 percent improvement on the corresponding period last year.
The results are the first since the merger between Bendigo Bank and Adelaide Bank, however only include one month of results from Adelaide Bank business. The remainder of Adelaide Bank results are not counted towards Bendigo’s statutory reporting.
During the period 30 November 2007 to 31 December 2007, Adelaide Bank contributed a net profit of A$10.1 million to the consolidated net profit for the half year.
Much of the reported change in financial position is due to the merger with Adelaide Bank. Loans under management increased by 200.7 percent to A$44.0 billion while retail deposits increased by 92.4 percent to A$22.7 billion.
These increases included taking on A$27.4 billion of Adelaide Bank loans and A$9.5 billion of Adelaide Bank retail deposits respectively.
Bendigo Bank managing director Rob Hunt emphasised the solid result in the current volatile climate of the financial services sector.
Considering the current market, he said that a commitment to write quality credit in reasonable volumes and at profitable prices was the focus of the merged group.
The bank has experienced an increase in the cost of funds, particularly for wholesale funds. The bank indicated that this has been offset by the re-pricing of some assets, particularly the residential home loan portfolio and margin lending books.
During the period 30 November 2007 to 31 December 2007, Adelaide Bank contributed a net profit of A$10.1 million to the consolidated net profit for the half year.
Much of the reported change in financial position is due to the merger with Adelaide Bank. Loans under management increased by 200.7 percent to A$44.0 billion while retail deposits increased by 92.4 percent to A$22.7 billion.
These increases included taking on A$27.4 billion of Adelaide Bank loans and A$9.5 billion of Adelaide Bank retail deposits respectively.
Bendigo Bank managing director Rob Hunt emphasised the solid result in the current volatile climate of the financial services sector.
Considering the current market, he said that a commitment to write quality credit in reasonable volumes and at profitable prices was the focus of the merged group.
The bank has experienced an increase in the cost of funds, particularly for wholesale funds. The bank indicated that this has been offset by the re-pricing of some assets, particularly the residential home loan portfolio and margin lending books.
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