Bendigo and Adelaide Bank's (ASX:BEN) net profit drops 49%

Company News

by Anna Napoli

Bendigo and Adelaide Bank (ASX:BEN) reported a 49 per cent drop in financial year 2020 statutory profit to $192.8 million. Earnings per share fell 50.6 per cent to 38.1 cents.

The bank’s net interest margin was 2.33 per cent, down 3 basis points.

Cash earnings per share declined by 30 per cent to 59.7 cents per share (cps).

Net interest income rose 3.4 per cent to $1.33 billion while total income rose 4.3 per cent to $1.6 billion.

The board deferred a decision on paying out a final dividend, after paying out 35¢ a share a year ago.

The regional bank said that its performance during the 2020 financial year was materially impacted by the COVID-19 pandemic.

Shares in Bendigo and Adelaide Bank (ASX:BEN) are trading 5.29 per cent lower at $6.63.