Bendigo and Adelaide Bank reveal soaring profits

By Your Mortgage
Bendigo and Adelaide Bank (BEN) has announced an after-tax statutory profit of $227.3m for the six months ending 31 December, and noted that more customers are paying down their mortgages.
 
Underlying cash earnings of Australia’s fifth largest bank jumped 10.9% to $217.9m, while cash earnings per share also climbed 3.4% to 48.1 cents.
 
Managing Director Mike Hirst claimed the results reflect “disciplined margin management and balance sheet growth”.
 
"Whilst demand for housing loans is solid we are seeing an increase in customers paying down their debt across all portfolios. While this impacts the Bank's growth, it’s fantastic for our customers as they're building equity and greater financial wealth, particularly as interest rates have fallen,” Hirst said.
 
“Despite this environment, we’ve strengthened our balance sheet with a strong Basel III compliant liquidity position, while our capital raising activities have been well-supported by institutional and retail investors."