Regional lender Bendigo and Adelaide Bank Ltd
(ASX:BEN) has doubled its profit for the half year and is optimistic about the future.
Net profit after tax jumped 105.7% to $104.1 million for the six months to December 31, 2009 compared to $50.6 million recorded in the same period a year earlier.
Cash earnings, the bank’s preferred measure of profitability, rose 24.4% to $139.7 million.
The bank says it remains cautiously optimistic about the future financial performance and says it expects to deliver strong financial results in the coming reporting period supported mainly by a stable net interest margin and sound credit conditions.
Bendigo and Adelaide Bank declared an interim dividend of 28 cents a share.
Bendigo and Adelaide Bank reported profit of $83.8 million for the 12 months to June 30, 2009.
