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Bendigo boasts strong deposit growth 28 October 2008
Bendigo and Adelaide Bank increased retail deposits by $2 billion last financial year to $23.6 billion. Managing Director Rob Hunt said the bank's retail deposits were the strongest of any Australian bank, despite the merger with Adelaide Bank reducing the group's reliance on retail deposits as a funding source. Bendigo posted a 40 per cent increase in net profit to $170.5 million with dividends to shareholders up 12 per cent to 65 cents. Branch numbers are expected to grow 20 per cent from 223 community branches currently. Retail deposits now comprise 73 per cent of the group's income, down from 92 per cent before the merger with Adelaide bank. Bendigo plans to increase deposits to 80 per cent of income to allow it participate in wholesale money markets.
