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

CommSec

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. Visit: (VIEW LINK)


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