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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Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.