Bendigo result tops A$100 million
(16 August 2006 – Australia) Bendigo Bank has posted a A$109.2 million after tax profit for 2006, a 15.3 percent increase on the previous year.
It is the first time the regional bank has broken through the A$100 million barrier.
Bendigo managing director Rob Hunt said the result continued the bank’s steady progression in profitability and earnings in line with the growth of the business.
"Our balance sheet is growing, we continue to open new branches, sign new customers and deepen our relationships with existing customers and communities across Australia," he said.
Hunt said Bendigo’s lending and retail deposits continued to grow strongly and that loans under management had increased 9.5 percent to A$14 billion, while retail deposits had grown 13 percent to A$11.3 billion.
"We are raising both deposits and loans in every state and over 50 percent of our branches are now interstate," he said.
Hunt highlighted the "unsustainable pricing" that had occurred in the market as competitors chase market share.
"We resisted chasing growth for growth’s sake and instead concentrated on writing quality business at profitable prices. The result was that we achieved reasonable volumes of new business on both sides of the balance sheet – and at slightly increased margin," he said.
Bendigo managing director Rob Hunt said the result continued the bank’s steady progression in profitability and earnings in line with the growth of the business.
"Our balance sheet is growing, we continue to open new branches, sign new customers and deepen our relationships with existing customers and communities across Australia," he said.
Hunt said Bendigo’s lending and retail deposits continued to grow strongly and that loans under management had increased 9.5 percent to A$14 billion, while retail deposits had grown 13 percent to A$11.3 billion.
"We are raising both deposits and loans in every state and over 50 percent of our branches are now interstate," he said.
Hunt highlighted the "unsustainable pricing" that had occurred in the market as competitors chase market share.
"We resisted chasing growth for growth’s sake and instead concentrated on writing quality business at profitable prices. The result was that we achieved reasonable volumes of new business on both sides of the balance sheet – and at slightly increased margin," he said.
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