Bendigo & Adelaide Bank (ASX:BEN) launches capital raising

Company News

by Rachael Jones

Bendigo & Adelaide Bank (ASX:BEN) is looking to raise $300 million to support growth in its residential mortgage business, also to strengthen its balance sheet.

The bank's statutory net profit fell 28.2 per cent to $145.8 million while cash earnings after tax are down 2 per cent to $215.4 million.

Managing Director and CEO, Marnie Baker says “The market faces heightened regulatory focus, below average business confidence, increasing frequency and severity of weather events due to climate change, constantly changing and heightened customer preferences, global trade tensions and the longer-term impacts of drought, bushfires and Coronavirus.”

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