Bendigo and Adelaide Bank Ltd
(ASX:BEN) says its first half net profit climbed 67 per cent to $173.9 million in the six months to 31 December 2010, and says it is well positioned for growth.
Managing director Mike Hirst says the result represents successive increases in cash earnings and profit since the Global Financial Crisis.
In its first half year the regional bank reported income from operations lifted 16.2 per cent to $620.8 million.
The bank has declared a fully franked interim dividend of 30 cents per share.
Looking ahead Mr Hirst says that the bank expects some volatility in trading conditions for the next six months as wholesale funding markets remain challenging, and the impact of the recent natural disasters is felt.
Mr Hirst also adds that Bendigo and Adelaide Bank’s forecast for margins is solid and credit quality remains generally sound.
In the 2010 financial year, Bendigo and Adelaide Bank booked a net profit of $259.9 million.
