Bendigo rewarded for tapping into community spirit
(10 August 2004 – Australia) Bendigo Bank has posted a profit of $79.8 million after tax for 2004, an increase of more than 35 percent on the previous year’s figure.
Bendigo managing director Rob Hunt said operating profit before tax and specific items was $106.6 million, meaning the bank had broken through the $100 million barrier for the first time.
Group deposits grew by 23 percent to $10.2 billion while retail deposits increased by $1.5 billion.
Hunt said the bank expected to deliver growth above the banking industry average and improve earnings by 15 to 18 percent.
However, he said Bendigo was cautious about the future economic environment and had positioned the business accordingly, having largely paid for development of its distribution business and strategic initiatives.
He said Bendigo had a presence in 276 communities across Australia and that a net 88,000 new customers had opened accounts with the bank in 2003/2004.
"We plan to open a further 33 new branches this year and we will continue to expand our Wealth Solutions, e-bank and payment card options, all of which have the capacity to further grow revenue," Hunt said.
Group deposits grew by 23 percent to $10.2 billion while retail deposits increased by $1.5 billion.
Hunt said the bank expected to deliver growth above the banking industry average and improve earnings by 15 to 18 percent.
However, he said Bendigo was cautious about the future economic environment and had positioned the business accordingly, having largely paid for development of its distribution business and strategic initiatives.
He said Bendigo had a presence in 276 communities across Australia and that a net 88,000 new customers had opened accounts with the bank in 2003/2004.
"We plan to open a further 33 new branches this year and we will continue to expand our Wealth Solutions, e-bank and payment card options, all of which have the capacity to further grow revenue," Hunt said.
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