Bendigo and Adelaide Bank chief executive Marnie Baker maintains the lender will still benefit from higher interest rates, after its stock plunged as results showed profit margins were being hammered by stiff competition.
Baker said rising interest rates would still be a “net positive” for Bendigo, and the revenue-sharing with its community banking partners was not new, as the model had been in place for 24 years. Bendigo’s total income rose 0.3 per cent, while the bank cut its operating expenses by 1.1 per cent. The bottom line was helped by a $27.2 million reversal of a previous bad debt charges, a trend across the banking sector, with fewer customers falling behind on repayments.
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