Bendigo bank records profit of $429.6 million in 2016-17 financial year

Bendigo Bank has announced a post-tax profit of $429.6 million for the 2016-2017 financial year. 

Underlying cash earnings were $418.3 million – a 4.2 per cent increase on the previous financial year –while cash earnings per share were 88.5 cents, a 1.2 per cent increase.

The bank has retained a final fully-franked dividend of 34 cents per share and retail deposits are up 4.7 percent this year.

Managing Director Mike Hirst said the results reflected the bank’s focus on customer outcomes and was an important step to ensure it can operate on a level playing field with major banks. 

“The bank has experienced above system growth, indicating our focus on providing our customers with the leading experience in financial services is working,” he said.

Approximately $16.6 million was returned directly to local communities in the last financial year, and the impact of these grants will support the sustainability of hundreds of Australian communities for the long-term, according to Mr Hirst. 

“Our bank has a great opportunity. Our customer focus, high trust ratings and customer advocacy, provide a great platform for business growth,” he said. 

“Paired with our strong funding and balance sheet position we are well placed to generate sustainable returns for our stakeholders.”

More to come.