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Business Description: Bendigo and Adelaide Bank Limited (BEN) provides a range of banking and other financial services, including retail banking, mortgage distribution through third-parties, business lending, margin lending and a range of other activities in Australia. BEN operates its businesses under the brands: Bendigo Bank, Adelaide Bank, Bendigo Wealth (Sandhurst Trustees & Leveraged Equities), Rural Bank, and Oxford Funding.
Strategy Analysis: Retail banking is built on the existing Bendigo franchises, focusing on the Community Banking network in population centres, which larger banks neglected. Wholesale mortgages and other innovative lending inherited through Adelaide Bank will continue being pushed through direct and indirect distribution channels. Current equity market weakness is exerting significant pressure on the margin lending growth initiative, but leveraging wealth management cross-sell opportunities remains a key focus. Acquisitions will likely focus on wealth management areas, with organic growth and merger acquisitions targeting the traditional retail banking business. The $130m acquisition of Bank of Cyprus Australia (renamed DelphiBank) completed March 2012 and complements the long standing community bank growth strategy.
Bendigo and Adelaide Bank reported NPAT of $189.4m for the half-year ended 31 December 2012 compared to $57.9m for the pcp. Specific items affecting profit after tax were income for the half year of $26.6m (Dec 2011: expenses $99.5m). Revenues from ordinary activities were $677.9m, up 12.6% from the same period last year. Diluted EPS was 40.9 cents compared to 14.4 cents last year. The net operating cash outflow was $158.9m compared to an outflow of $57.0 in the pcp. The interim dividend declared was 30 cents in line with 30 cents last year.
The Age 20/05/2013 |
It is getting virtually impossible to find an expert who believes global equity markets are a risky place to invest. As markets on all continents grind higher and higher, the bears are in danger of becoming extinct and the Winston Churchill "voice in the wilderness" warning us of the troubles ahead seems to have departed the scene. When everyone is in agreement, we should start to get a little worried.
The Age 20/05/2013 |
Tiger Australia has continued to narrow its losses due to stronger returns from fares and is operating without restrictions from air-safety authorities.
The Age 20/05/2013 |
When it comes to forecasting the economy - and thereby the budget balance - the econocrats of the Reserve Bank and Treasury are on a hiding to nothing.
The Age 20/05/2013 |
Markets ought to be about competition. To quote historian Niall Ferguson, they should ensure the survival of the fittest, not the fattest.
The Age 20/05/2013 |
Investment bank Morgan Stanley Smith Barney is being sued after losing more than $5 million from the super accounts of two private clients with a series of "aggressive, highly speculative and high-risk" trades using derivatives and share options.
Sydney Morning Herald 20/05/2013 |
It is getting virtually impossible to find an expert who believes global equity markets are a risky place to invest. As markets on all continents grind higher and higher, the bears are in danger of becoming extinct and the Winston Churchill "voice in the wilderness" warning us of the troubles ahead seems to have departed the scene. When everyone is in agreement, we should start to get a little worried.
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