BENDIGO AND ADELAIDE BANK SITTING ATOP A TOUGH 2015

Written on the 10 August 2015

BENDIGO AND ADELAIDE BANK SITTING ATOP A TOUGH 2015

THE BENDIGO and Adelaide Bank (ASX: BEN) has boosted its figures, happily announcing a number of healthy upturns in their end-of-financial report despite a bygone year spent dealing largely within uneven market conditions. 

Full-year cash earnings have been lifted by 13.1 per cent alongside underlying cash earnings at $432.4 million, with the final figure of after tax statutory profit reaching $423.4 million total.

Corresponding to the prior period, cash earnings per share have also jumped by 3.9 per cent, with the full-year dividend amount resting on 66c per share.

Managing Director Mike Hurst says these results indicate a successful navigation of the combative setting in which Australia's fifth largest bank has been recently trading.

"Net interest margin experienced a slight contraction of 4bps reflecting the highly competitive, low interest rate environment in which the Bank continues to operate," says Hurst.

"Having to operate on an uneven playing field impacted mortgage growth and this was compounded by repayment of debt by customers.

"However, it's great to see our customers building equity and improving their financial wealth by taking advantage of the current low interest rate environment."

The company has focused on achieving advanced accreditation, having engaged specifically in asset boosting endeavours and prudent investments to see capital soar 118bps to reach 12.57 per cent.

"We have continued to invest in leading edge technologies, directly reflecting customer demand," says Hurst.

"Improvements to our online banking platform have been well received by customers and our newly-launched relationship tool for business banking customers, miBanker, has been nationally recognised for its innovation."

The ex-dividend date for the final dividend of 33c is 18 August, with payments to be expected on 30 September 2015.


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