Bendigo Bank Profits Rise But Economic Outlook Remains “Difficult” | Bendigo Advertiser

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BENDIGO and Adelaide Bank’s net profits jumped more than 30% even as its chief executive warns the economic outlook “remains challenging”. “We need to step up our efforts to address these challenges,” Marnie Baker told the Australian Stock Exchange this morning when releasing the bank’s half-year results. “And we go.” The bank‘s balances are healthy thanks in part to rising levels of residential loans and renewed confidence during the COVID-19 economic reconstruction. More information: Corpse dogs develop ‘significant’ interest in min well as search for Terry Floyd closes percent at $321.3 million. Total revenue increased 2.9% to $873.4 million. Ms Baker said the Omicron wave did not leave as many customers struggling as previous waves and the 2020 and 2021 lockdowns. “The start of Omicron saw only 25 new retail customers needing help. a form of assistance, highlighting the resilience of our customers and their financial situation,” she told the ASX. “Despite these achievements, we cannot afford to sit back and relax.” Despite continued growth above the residential loan system, overall loan growth has lagged behind the system, due to seasonal factors in agribusiness and a decline in our corporate loan portfolio this half, with total loan growth of 4.3% compared to system growth of 8.3%. “The search for an experienced executive to lead this team has begun,” Ms. Baker said. “In addition, Bruce Speirs has been appointed chief operating officer with the goal of reducing complexity, strengthening processes and improving productivity across the bank. Ms. Baker said the bank will continue to focus on increasing its efficiency in the next half of the fiscal year and pursuing the acquisition of technology company Ferocia and digital bank Up More to come Our reporters are working hard to deliver local news and up-to-date to the community. Here’s how you can access our trusted content: