Bendigo and Adelaide Bank Limited
(ASX:BEN) has cut executive bonuses by $2 million after it booked a 43 per cent fall in net profit last year.
Despite the reduction in executive payments, the board’s remuneration was increased to $1.9 million from $1.6 million.
The regional bank posted a 4 per cent fall in its cash profit, impacted by a $95 million write down on its margin-lending business and a low-credit growth market.
Bendigo and Adelaide Bank posted a net profit of $195 million for the 2012 financial year.
