Bendigo Bank reports strong cash earnings

BENDIGO and Adelaide Bank has announced a strong half-yearly profits report, but share prices have stayed flat.

The underlying cash earnings for the second half of 2012 were $169.7 million, an increase of 4.4 per cent on the prior corresponding period. 

Bendigo made a net profit of $189.4 million in the six months to December 31, up from $57.9 million in the previous corresponding period.

Directors have announced an interim dividend of 30 cents per share (fully franked), which is flat on the prior corresponding period.

Managing director Mike Hirst said business conditions and sentiment improved during the second quarter of the financial year, but uncertainty remained in the market.

He said he was pleased with the progress, which enabled the bank to report an improvement in performance across the board.

"In particular, we are yet to see more recent rallies in debt and equity markets translate into a material increase in demand for credit," he said in a statement.

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