Bendigo and Adelaide Bank Limited
(ASX:BEN) has reported a net profit of $432 million, up 13 per cent on last year.
Income was up 7.4 per cent at $1.55 billion.
The biggest contributor to the jump in revenue was the bank’s unique Homesafe product which allows the bank to take a discounted part share in a house to help the buyer pay for it.
The current gains in the property market are helping propel earnings higher but the bank warns that income stream will fall once price growth slows.
The bank will pay a final dividend of 33 cents per share bringing the total dividend for the year to 66 cents.
