Bendigo Reports a Solid but Uninspiring Interim Result; FVE Unchanged
No-moat-rated Bendigo and Adelaide Bank's first-half fiscal 2017 cash profit of AUD 225 million was largely flat on the previous corresponding period. It was mixed but on balance broadly in line with our expectations. Cost performance, loan and noninterest income growth surprised on the upside while the net interest margin, or NIM, and bad and doubtful debts were weaker than expected. Nonetheless, most of the trends were largely as expected. The interim dividend was held flat at AUD 34 cents per...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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