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Bendigo and Adelaide Bank profit up 190 percent

Bendigo and Adelaide Bank has announced a 190 percent improvement in net profit for the 12 months ending 30th of June 2010, with after tax profit of 242.6 million.

Bendigo BankBendigo and Adelaide Bank’s after tax profit of $242.6 million was a 190 percent increase on the $83.8 million net profit recorded in 2009, with the regional bank emerging from the global financial crisis and a restructure in better shape than before the crisis.

Cash earnings for Bendigo and Adelaide Banks were up 60 percent to $291 million, with cash earnings per share of 83.c cents higher 32 percent. Bendigo Bank shareholders wiull see a total full year dividend of 58 cents up from 43 cents in the previous year, or a 30 cent fully franked dividend for this round of payments to Bendigo Bank shareholders.

Bendigo and Adelaide Bank Group Managing Director Mike Hirst believes the bank has delivered on its promise to shareholders to improve earnings and profit, while mitigating the effects of the global financial crisis.

“We have delivered a strong result, and we have done it while fundamentally re-structuring the business to ensure it is sustainable and self sufficient throught he business cucle, ” Mr Hirst said.

Mr Hirst then went on to thank the Bendigo Bank ‘Community Bank’ franchise owners for delivering such a strong result for the group.

“in announcing this result, I would particularly like to thank our skilled, loyal and engaged staff who have been critical to this success. They have developed and maintained relationships with more than 1.4 million retail customers through more than 450 Community Bank and company owned branches”

Bendigo Bank has also announced its intention to acquire 24 percent of Linear Asset Management. Bendigo and Adelaide Banks have signed a heads of agreement to purchase 24 percent of Linear Asset Management, Bendigo sees the Linear wealth managemeent platform as providing growth opportunities for the bank to build on its wealth management portfolio and retain retail customers who might have otherwise moved their assets to other institutions.

“This provides an ideal opportunity to leverage our retail and third party wealth distribution channels, and is a significant development for the group’s wealth strategy,” Mr Hirst Said,.

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David Olsen

David Olsen

An undercover economist and a not so undercover geek. Politics, business and psychology nerd and anti-bandwagon jumper. Can be found on Twitter: <a href="http://www.twitter.com/DDsD">David Olsen - DDsD</a>

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