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Bendigo and Adelaide Bank has posted a consolidated after-tax profit of $423.9 million in the 2014/15 financial year, up 13.9 per cent on the previous reporting period.
At its annual general meeting at Ulumbarra Theatre on Tuesday, the bank revealed its operating incoming grew by $106.3 million, with underlying cash earnings of $432.4 million, up 13.1 per cent on the previous year.
Bendigo Bank chairman Robert Johanson said while the bank was writing good levels of new business, customers were taking advantage of historically low interest rates by repaying their borrowings quickly.
“That’s good for them, reducing their indebtedness, reducing their vulnerability to an increase in interest rates, but it’s a challenge to the bank,” he said.
The bank announced its managing director Mike Hirst would remain in the top job past the end of his contract, which is due to end in July next year.
Mr Hirst said there was “no doubt” the bank was in a better position than it was a year ago, thanks in part to the settlement of the Great Southern class action. The bank paid no money to borrowers as a result of the settlement.