Bendigo and Adelaide Bank Ltd

BEN: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$79.60	Xvcbs	Hrvflyfz

Bendigo and Adelaide Bank Delivers on Targets, but Margins Will Likely Fall To Protect Market Share

Nathan Zaia

Feb 20, 2023

Bendigo and Adelaide Bank reported a solid first-half fiscal 2023, with cash profit of AUD 295 million up 13% on last year. The increase on second-half fiscal 2022, up 23%, highlights the magnitude of the earnings rebound as the bank benefits in a higher cash rate environment. Net interest margin, or NIM, increased 19 basis points to 1.88% over the half, driving profit before bad debts up 29%.

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