Steady as She Goes as NIM Uplift Drives Bendigo Bank’s FY18 Result; AUD 11.50 FVE Unchanged
No-moat-rated Bendigo and Adelaide Bank announced an in-line fiscal 2018 financial result boosted by a healthy lift in net interest margins, or NIMs. Underlying cash earnings of AUD 445 million represented a 6.5% increase on the prior year and came in slightly under our AUD 452 million forecast, while the fully franked final dividend of AUD 0.35 per share was in line with expectations and a full-year fully franked dividend of AUD 0.70. We retain our AUD 11.50 fair value estimate, suggesting the ...Bendigo & Adelaide Bank provides a range of banking and other financial services including consumer, residential, business and commercial lending, deposit-taking, payments services, wealth management, funds management and superannuation, treasury and foreign exchange services. Co. provides these services primarily to retail customers and small to medium sized businesses throughout Australia. The key lending activities are commercial finance, business lending and consumer finance which includes residential loans, personal loans, credit cards and overdrafts. As of June 30 2016, Co. had total assets of A$68.58 billion and total deposits of A$57.05 billion.
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