Bendigo and Adelaide Bank profit up to $342.1mn

More than 90% of the bank's on balance sheet funding comes from retail deposits.

Bendigo and Adelaide Bank Limited has reported that net profit after tax of $342.1 million for the year ended June 30, 2011.

Cash earnings for the twelve months of 2011 were $336.2 million, or 92.3 cents per share, an increase of 10.8%, compared to the twelve months of 2010. Net interest margin increased five basis points over the reporting period from 2.12% to 2.17%.

Bendigo and Adelaide Bank Group Managing Director, Mike Hirst said, "We have seen extremely strong deposit inflows and lending demand from our customers - more than 90 per cent of the bank's on balance sheet funding comes from retail deposits and our lending growth is comfortably exceeding system.

"This customer support enabled the bank - and its Community Bank and other partners - to generate strong earnings that flowed through into a solid profit outcome for the group. Equally as pleasing is the solid return to our partners, with more than $20m applied to building community assets during the year.

View the full story in iStock Analyst.

Also Read

Cambodia enables QR payments from foreign e-wallets through Alipay+

Hong Kong to rename ‘virtual banks’ to ‘digital banks’

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit