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Australian regional banks get tick from Standard and Poors

Australian regional banks get tick from Standard and Poors

(Australia) - Regional Australian banks Suncorp-Metway, Adelaide Bank and Bendigo Bank have received positive reports from ratings agency Standard and Poors, which describes their performance as "satisfactory despite challenges." Based on recent full year results for the year to June 30, S&P confirmed the bank's ratings as follows: Bendigo Bank BBB/Stable/A-2, Adelaide Bank BBB,Stable/A-2, and Suncorp-Metway A-/Positive,A-2.

"Despite some divergence in strategy among the regional banks, the ratings continue to be underpinned by solid profitability, supported by strong loan growth and good asset quality," said Peter Sikora, director of S&P's Financial Services Ratings.

Suncorp-Metway recently announced a A$311 million full-year net profit, down from A$395 million the previous year.

Net profits at Adelaide Bank were up 21 percent to A$41 million, while Bendigo Bank posted a 47 percent increase to A$48.8 million.

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