Bendigo & Adelaide Bank has released their financial results for the 2020/21 financial year, with a huge 172% rise in profits.
Earnings topped out at $472.2 million, a rise of 51.5% on 2019/20, causing a jump on the bank’s share price that restored it to its pre-Covid price of above 11c.
They celebrated by announcing the purchase of Ferocia, a fintech that they had previously part-owned with digital bank Up, for $116m.
The satisfaction that their home loan customers feel was cited as a major driver of growth in their results statement, with Roy Morgan ranking Bendigo & Adelaide borrowers as among the happiest in Australia.
The bank enjoyed a 63% increase in lending settlements on the back of the ongoing property boom, while they strengthened their proposition to the broker channel earlier this year by offering a $25 billion funding line to fintech lender Tic:Toc.
That move is already paying dividends, as Tic:Toc were reported in the results as having increased their home loan approvals by 55% and their volumes by more than 300%.
“These results clearly demonstrate our strategy is making us a bigger, better and stronger business,” said Marnie Baker, managing director of Bendigo & Adelaide.
“We have delivered on what we said we would do and more by growing customer numbers and market share in both lending and deposits.”
“We continue to act with care, customers and community in mind and our transformation has improved our efficiency, productivity, speed to market, and customer experience.”
“At the same time our balance sheet, brand proposition, risk profile and investments have made our business stronger for all stakeholders for the future.”
“As many Australians and the economy faced another challenging and disruptive year, our important role of supporting customers and communities became even more apparent.”
“This ongoing commitment remains important this financial year, as the nation faces potential further disruption, with an ambition to transition out of the pandemic.”
“This further underlines the importance of our longstanding purpose – feeding into prosperity, not off it.
