Bendigo and Adelaide Bank says it has delivered on its promise to strengthen returns, with a sharper focus on targeted growth helping to expand its margins.
“Our net interest margin has continued to rise as we carefully manage our volume growth and margins, while continuing to prudently manage costs in an inflationary environment.”Both residential and business lending volumes fell during the period, but its deposit volumes expanded by 2 per cent, despite what Mr Storey said were relatively “unattractive” interest rates.
Bendigo did not give financial guidance for the rest of the year but said it would continue to carefully manage its volume growth and margins, “given the competitive environment in both lending and deposits”. “Despite our central scenario of increased competition, higher funding costs and slowing volume growth we continue to see a clear path for Bendigo to generate a return on total equity above 13 per cent over our forecast period.”
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