Full Year Results: Adelaide Bank in the News
The Bendigo and Adelaide Group has announced an after tax statutory profit of $372.3 million. Adelaide Bank general manager, Damian Percy said brokers played an important role in helping the the group achieve this positive result.
Mr Percy told Broker News: "During the 2013/14 financial year, the Bendigo and Adelaide Group’s mortgage manager and mortgage broker channels accounted for almost 50% of settlements and Third Party Lending businesses contributed almost 30% of the Group profit.
Fons Caminiti, Adelaide Bank senior manager of broker distribution also outlined what the Bank had in store for brokers over the coming year in the Broker News story.
Read the full Broker News coverage here:
Commenting on the full-year results to industry news and business intelligence magazine, The Adviser, Damian Percy said: "Unsurprisingly, as an ‘intermediary-only' bank, the third-party mortgage market remains a key focus for us - which is why we have and will continue to invest in our third-party businesses".
The full-year results revealed that Bendigo and Adelaide Group’s lending mix was now 66.5 per cent residential, 23.4 per cent commercial and 6.7 per cent consumer and that loan sizes were also up. The average loan size jumped from $187,000 to $198,000 – an increase of 5.9 per cent.
Adelaide Bank’s senior manager of broker distribution, Fons Caminiti, said brokers could expect the bank to deliver continual process enhancement over the next 12 months, along with a range of other improvements designed to make life easier for busy brokers and their clients.
Read the full story in The Adviser here:
In further related coverage, Mortgage Business reported that Bendigo and Adelaide Bank more than halved its third-party banking credit expenses by 53.6 per cent from $26.9 million to $12.5 million. Variable loans now represent 70 per cent of the Bendigo and Adelaide Group’s loan book, down from 79 per cent in 2012/2013, while fixed loans increased from 21 to 30 per cent. The bank’s full year results reveal a 16 per cent increase in total loan approvals, with new residential loan approvals up 16.6 per cent from the previous year, while non-residential loans increased by 14.9 per cent.
For the full story in Mortgage Business, click here: