Bendigo and Adelaide Bank (BEN) : Intermim result in line with consensus, although NIM was a tad soft and the bottom line made up for the variance with a...

Bendigo and Adelaide Bank (BEN) : Intermim result in line with consensus, although NIM was a tad soft and the bottom line made up for the variance with a better BDD outcome. Asset quality was stable while lending growth was largely in business banking (acquisition-related). 8.1% CET1 capital ratio was in line with our expectations. This remains a well-managed company with a low-risk attitude towards earnings growth Outlook: BEN to continue to consider acquisitions and alliances with a strategic fit. Also, margin management in a low rate, low growth environment remains a strategic focus. Today's share price reaction: Down 2.5% to $14.02 (10.26 am). Recommendation: Hold rating likely to be retained. Read our first impression summary here (VIEW LINK)