In its first annual result since merging last year, Bendigo and Adelaide Bank Ltd have delivered a $170.5 million profit for the 12 months ending 30 June.
Rob Hunt, group managing director of the bank, said the achievement of sustainable profit growth, despite the severe dislocation in global credit markets, was testament to the bank’s unique business model.
“While current conditions have challenged our wholesale businesses, we have been able to leverage the strength of our retail franchise to sustain our momentum. Equally, as conditions improve for our wholesale businesses, they will be well-placed to ride the upswing,” he said.
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