Bendigo and Adelaide Bank exceed profit expectations
(16 February 2016 - Australia) On Monday, Bendigo and Adelaide Bank posted half yearly results that marginally exceeding expectations.
The bank reported cash earnings of A$223.7 million in the six months to 31 December, an increase of 2.7 percent on the corresponding period. However, the bank experienced an 8.2 percent drop in after tax profit, which totalled A$208.7 million.
The bank reported cash earnings of 48.9 cents per share and an interim fully franked dividend of 34 cents per share, a 1 cent increase.
“Our bank’s outlook, particularly because of our strong capital, funding and credit position, remains very positive,” Chief executive Mike Hirst said.
“This last half saw extreme price competition for mortgages, with several competitors seeking to increase their balance sheet exposure to Australian home loans and some irrational pricing in the lead up to changes in regulation (brought about by the Financial Services Inquiry),” Hirst added.
“We’re very pleased to (now) see a more level playing field in practice, which ultimately means our bank can be a large part of the increasing choice Australians have when deciding who to trust with their banking.”
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