Bendigo & Adelaide Bank Posts Rise In Full-Year Profit

Australia's Bendigo & Adelaide Bank

reported a rise in its earnings for the 12 months through June. Bendigo's net profit for the year climbed by 5.7% to 372.3 million Australian dollars (US$345.5 million), versus A$352.3 million, in the year-ago period. Its cash earnings surged 9.9% to A$382.3 million, versus analysts' estimates of A$378.7 million. Cash earnings per share climbed 7.1% to 91.5 cents. Bendigo's net interest margin increased by 5 basis points to 2.24%. Its new loan approvals rose 16% y/y. Loans under management surged 4.4% y/y to A$53.98 billion by the end of June. Group Managing Director Mike Hirst said, “We've built a great brand in the process and the result we have announced today reflects the opportunities that are coming our way from that. Rural Finance Corporation joining our Group adds significantly to our agribusiness capabilities, although there is no financial contribution from them in this result.” Bendigo announced its plans to pay a final dividend of A$0.33 per share.