Bendigo reports 34.1pc rise in net profit

Staff Reporter Monday, 18 Feb 2008 1 minute read

Bendigo Bank today announced a net profit of $72.8 million for the six month period to 31 December.

The result is an increase of 34.1 per cent from the corresponding period in 2006.

Managing director of the bank Rob Hunt said the result demonstrated the bank’s ability to achieve solid growth at profitable prices despite the current market conditions.

“The global financial services sector is experiencing a period of significant volatility and reduced confidence, with funding more difficult and more expensive to obtain,” Mr Hunt said.

“In that environment, we have demonstrated a commitment to write quality credit in reasonable volumes and at profitable prices,” he said.

Mr Hunt pointed to the bank’s deposit takings for maintaining its supply of wholesale funds as well as the bank’s disciplined approach to writing only profitable and secure business.

The six-month results included just one month of Adelaide Bank results, however Mr Hunt expressed confidence that the newly-merged entity will continue to produce sustainable and consistent results.

Published: 18-02-08