REPORTING SEASON: Bendigo and Adelaide Bank (BEN)
Brought to you by CommSec
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.