Bendigo lifts FY profit

Lender experiences strong lift in both cash, net profit; expects credit growth to remain subdued in year ahead.

Bendigo and Adelaide Bank (BEN) expects credit growth to remain subdued in the year ahead but is confident its business model will continue to resonate with customers, after posting a lift in full-year cash profit.

In the year to June 30, Bendigo and Adelaide Bank posted cash profit of $348 million, a 7.7% increase on the $323 million recorded in the previous year.

Analysts were anticipating $346.3 million full-year cash earnings for the period.

Full-year net profit was $352.3 million, an 80.7% increase on the previous year's $137.1 million.

The lender will pay a final dividend of 31 cents on September 30, to shareholders on the register at August 29.

Combined with the interim dividend of 30 cents, Bendigo and Adelaide Bank will pay a fully-franked total dividend of 61 cents, slightly higher than the 60 cents payment the year prior.

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