Australia’s fifth largest retail bank has shared its 2019 full year results, revealing growth in its residential lending portfolio despite an otherwise challenging year.
Bendigo and Adelaide Bank reported a statutory net profit of $376.8m, down 13.3% as a result of remediation, redundancy costs and unrealised losses.
However, total lending at the year end came in at $62.1bn, up 1.1%, with residential lending above-system at 3.5%.
There was noticeably stronger growth in the second half of the year, with total lending up 3.6%. Further, residential lending was up 4.3% in the second half, “well above” system. Small and medium-sized business lending also grew by 9.5%.
“During the 2019 financial year, we began our multi-year journey to reshape our business for the future,” said MD and CEO Marnie Baker.
“We achieved positive momentum from the implementation of our new strategy, with a strong uplift in performance in our key priority markets, particularly half-on-half.”
Baker also highlighted the bank increased its net promoter score to 24.8, “more than 30 points higher than the average of the major banks.”
“The changing banking environment is creating opportunity for us, as is the reshaping of our business and focus on reducing complexity and investing in new capabilities, particularly in customer experience and digitisation,” said the CEO.
In 2019, Adelaide Bank became the first Australian lender to offer a digital home loan application and assessment process under its own brand, Bendigo Express, using Tic:Toc’s instant home loan technology.
“Bendigo and Adelaide Bank is consistently ranked as one of Australia’s most trusted brands and the top rated company for customer experience,” Baker said.
“During the last six months, we have laid solid foundations, achieved success and will accelerate the organisational change required during the coming year. We are looking to the future for our customers and for all our stakeholders as we drive our multi-year journey to become Australia’s bank of choice.”
