(9 August 2010−Australia) Bendigo and Adelaide Bank Ltd has announced a net profit of A$242.6 million for the year ended June 30.The bank’s net profit has increased 189.5 percent on last year from A$83.8 million, while revenue rose 29.9 percent to A$1.135 billion.
Bendigo and Adelaide Bank Group Managing Director, Mike Hirst, said the bank had delivered on its promise of improved earnings and profit, while managing the effects of the global financial crisis.
“We have delivered a strong result, and we have done it while fundamentally re-structuring the business to ensure it is sustainable and self sufficient through the business cycle”, Mr Hirst said.
“Our shareholders are starting to reap the benefits of our prudent and responsible approach to funding and growth. Our business lending, residential mortgage and consumer lending portfolios all have strong growth momentum and are currently exceeding system growth4. The fundamentals in our retail, margin lending and third-party mortgages businesses also remain robust”, Mr Hirst added.
“We still fund the majority of our business through retail deposits and have not had to rely on the government guarantee on wholesale funding, and have been able to launch three highly successful residential mortgage backed securities (RMBS) transactions in the past seven months – raising more than $3.5 billion”, Mr Hirst highlighted.