Bendigo and Adelaide Bank Ltd (ASX:BEN)
A$ 12.14 -0.14 (-1.14%) Market Cap: 6.86 Bil Enterprise Value: 15.72 Bil PE Ratio: 13.90 PB Ratio: 0.98 GF Score: 67/100
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Full Year 2024 Bendigo and Adelaide Bank Ltd Earnings Call Transcript

Aug 26, 2024 / 01:00AM GMT
Release Date Price: A$12.34 (-0.48%)

Key Points

Positve
  • Statutory net profit after tax increased by 9.7%, supported by unrealized gains in the Homesafe portfolio.
  • Customer numbers increased by 9.1% over the year, reaching over 2.5 million customers.
  • Business and Agribusiness division saw a 13.4% increase in cash earnings year-on-year.
  • Digital mortgage settlements increased by 3%, now making up 19.3% of all settlements.
  • The bank's Net Promoter Score is 27.9 points above the industry average, indicating strong customer satisfaction.
Negative
  • Cash earnings for the full year decreased by 2.6%, reflecting a weaker first half.
  • Operating expenses increased by 5.8%, with investment spend contributing to a 4.6% rise.
  • Consumer division cash earnings were down 7.6%, as the bank prioritized margin over volume.
  • Gross impaired loans increased slightly, now representing 17 basis points of gross loans.
  • The bank's Homesafe portfolio is now closed to new business as of July 01, 2024, which will reduce income over time.
Sam Miller
Bendigo and Adelaide Bank Ltd - Head of Investor Relations and ESG

Good morning, everyone, and welcome to the market briefing for Bendigo and Adelaide's 2024 full year results. Let me begin today by acknowledging the traditional owners of the lands on which we meet today. Here in Bendigo, it is the Dja Dja Wurrung people of the Kulin Nation. I pay my respects to the elders past and present and extend my respects to the Aboriginal and Torres Strait Islanders people who are on the call today.

Presenting on the call today, we have our CEO and Managing Director, Marnie Baker; our CFO, Andrew Morgan; and our CRO, Taso Corolis will also be available on the call to take any questions alongside Marnie and Andrew at the end of the presentation.

I'll now hand over to Marnie.

Marnie Baker
Bendigo and Adelaide Bank Ltd - Chief Executive Officer, Managing Director, Executive Director

Thanks, Sam and good morning, everyone, and thank you for joining us. I am really thrilled to be delivering my last set of results as CEO here at our

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