REPORTING SEASON: Bendigo and Adelaide Bank (BEN)

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Figure 1: Bendigo 12 month chart

 

Bendigo and Adelaide bank (BEN) announced an 80.7% rise in net profit (NPAT) for FY13 to $352.3m.

The rise in NPAT was significant due to one-off writedowns in FY12. Cash earnings (which strips out one-offs & is considered a more accurate representation of performance) rose by 7.7% to $348m – in line with consensus.

Net interest margins (measure of profit BEN makes on loans) rose by 10bps on FY12 to 2.21%; a positive trend  for margin expansion.

Retail deposits rose by 3.9% to $42.2bn over the year to June. BEN announced a $0.31/s fully franked final dividend, to be paid to eligible shareholders on 30 Sept.

 

You can see all of CommSec’s reporting season analysis by clicking here.

Steven Daghlian, Market Analyst,