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Bendigo and Adelaide Bank Limited (ASX:BEN)

ALERT: Price-sensitive ASX Announcement for BEN
Current share price for BEN : $10.360 -0.1 (-0.96%)+
Announcement
Release
9 Apr 2026 8:35AM
Price at Release
$10.460
Full Release
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Summary
Bendigo and Adelaide Bank Limited has announced the second phase of their Productivity Program as part of their 2030 strategy, focusing on simplifying and enhancing their operating model through new strategic partnerships with Infosys and Genpact. These partnerships aim to improve IT service delivery and operational processes, expecting to realize significant expense benefits by FY28 while incurring upfront costs primarily in FY27. For Q3 2026, the bank reported unaudited cash earnings of $137.9 million, a 7.6% increase from the previous quarter's average, with a net interest margin of 1.98% and improved lending growth. Operating expenses were reduced by 4.1% due to lower staff costs, despite challenges from geopolitical developments and credit risks.
Key Points
  • Announced strategic partnerships with Infosys and Genpact.
  • Phase two of the Productivity Program to support 2030 strategy.
  • Expect $65 million to $75 million annual expense benefits by FY28.
  • Upfront transition costs of $85 million to $95 million, mostly in FY27.
  • Q3 2026 unaudited cash earnings of $137.9 million, up 7.6%.
  • Net interest margin of 1.98%, reflecting deposit pricing benefits.
  • 5.6% annualized growth in lending; residential and business sectors improved.
  • Operating expenses reduced by 4.1% due to lower staff costs.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.