Bendigo posts solid result
(Australia) Bendigo Bank has posted an after-tax operating profit of $59 million for 2002/03, an increase of 21 percent on the previous year’s figure.
Pre-tax profit rose 38.6 percent from $64.4 million in 2002 to $89.3 million in 2003. Earnings per share came in at 46.8 cents compared with 41.1 cents last year.
Chairman Richard Guy said the result vindicated the bank’s strategy, which he acknowledged was "different…to the rest of the industry".
"In the past three years, our branch network, customer numbers and assets under management have all more than doubled. We are now seeing that growth reflected in a marked progression in revenue, profit and performance," he said.
He said the bank, which recently opened its 100th branch, would look to expand its wealth management and business banking service offerings in a bid to create new revenue streams. An increase in e-banking and payment card options were also flagged as ways of growing revenue.
Bendigo Bank managing director Rob Hunt said the bank had increased its customer base by 13 percent over the past 12 months, and that the bank planned to add another 30 branches next year.
Chairman Richard Guy said the result vindicated the bank’s strategy, which he acknowledged was "different…to the rest of the industry".
"In the past three years, our branch network, customer numbers and assets under management have all more than doubled. We are now seeing that growth reflected in a marked progression in revenue, profit and performance," he said.
He said the bank, which recently opened its 100th branch, would look to expand its wealth management and business banking service offerings in a bid to create new revenue streams. An increase in e-banking and payment card options were also flagged as ways of growing revenue.
Bendigo Bank managing director Rob Hunt said the bank had increased its customer base by 13 percent over the past 12 months, and that the bank planned to add another 30 branches next year.
Subscribe