Bendigo and Adelaide Bank Ltd (ASX:BEN) has posted annual profit after tax of $243 million, soaring 190% up from the prior financial year.
The bank reports that cash earnings increased 60% to $291 million and net interest margins rebounded strongly from 1.66% in 2009 to average 2.09% for the year to 30 June 2010.
Managing Director Mike Hirst says the bank has delivered a strong result while fundamentally re-structuring the business to ensure it is sustainable and self-sufficient.
While Mr Hirst says the effects of the Global Financial Crisis continue to dominate market sentiment, the bank has sound reasons for restrained optimism.
Bendigo and Adelaide Bank have also announced that it intends to buy 24% of Linear Asset Management to provide growth in the bank's wealth deposit and financing businesses.
Bendigo and Adelaide Bank reported a profit of $83.8 million for the year to 30 June 2009.
BEN Price at posting:
$8.31 Sentiment: None Disclosure: Held
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