Regional bank ‘back to pre-GFC levels’
(16 February 2010 – Australia) Bendigo and Adelaide Bank have announced a significant increase in its first half year net profit; saying cash earnings are ‘back to pre-GFC levels’.
The regional bank announced an increase in its cash earnings of 27 percent on year, achieving a result of A$139.7 million for the six months to December 31st.
The bank’s net profit after tax, including umbrella operations, more than doubled from A$50.6 million to A$104.1 million.
Cash earnings per share rose to 41.2 cents, returning to pre-global financial crisis levels, Bendigo said.
Retail deposits rose 18.5 percent and new loan approvals increased by 43 percent in the period.
Chief executive officer, Mike Hirst, said the bank's early action to de-risk the balance sheet and prepare itself for a period of market dislocation has paid dividends over the period, as evidenced by the significant and sustainable recovery in net interest margin and profit.
The bank’s ability to compete for retail deposits on the basis of customer service and value has provided the company with an effective and affordable funding source.
The bank’s net profit after tax, including umbrella operations, more than doubled from A$50.6 million to A$104.1 million.
Cash earnings per share rose to 41.2 cents, returning to pre-global financial crisis levels, Bendigo said.
Retail deposits rose 18.5 percent and new loan approvals increased by 43 percent in the period.
Chief executive officer, Mike Hirst, said the bank's early action to de-risk the balance sheet and prepare itself for a period of market dislocation has paid dividends over the period, as evidenced by the significant and sustainable recovery in net interest margin and profit.
The bank’s ability to compete for retail deposits on the basis of customer service and value has provided the company with an effective and affordable funding source.
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