Bendigo exceeds expectations
Bendigo Bank shares have jumped nine per cent since reporting a 17 per cent rise in profit to $146 million last week. Bendigo shares now exceed the price targets suggested by many sell-side analysts at investment banks. Shares in the bank are now $10.90. Back in May they changed hands at as low as $9.15. Based on its price-earnings ratio, Bendigo is regarded as one of the most expensive Australian banks.
Bendigo’s customer base has grown from 660,000 to almost one million over the past decade.