Bendigo Delivers Impressive Margins, but Bad Debt and Earnings Risk Remain; AUD 11.50 FVE Unchanged
No-moat Bendigo and Adelaide Bank’s first-half fiscal 2018 earnings increased on stronger-than-expected net interest margins, but an increase in bad debts via commercial property provisions detracted. Our outlook for earnings growth is intact, and we retain our AUD 11.50 fair value estimate and fiscal 2018 earnings forecasts. First-half fiscal 2018 cash earnings were up an impressive 10.7% on the prior corresponding period, or PCP, to AUD 225.3 million, while the interim dividend per share incre...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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