Bendigo reaps rewards
Bendigo Bank has had some very positive news lately, as it attempts to forge a name for itself as “Victoria’s bank”.
Bendigo announced a strong full year profit of $14.2 million, up 28.5 per cent on the year to June 30, 1997. Bendigo’s Managing Director, Rob Hunt said the result vindicated the bank’s strategy of focusing on customer relationships and value adding products, and reducing its dependence on home loan income.
Bendigo’s community banking program, in which it shares the cost of setting up rural banks with the local community, has also proved to be incredibly popular. Since its launch in late June, many rural communities, and even a Melbourne suburb, have applied to be part of the program. The bank plans to have another six branches operating in this manner by the end of the year. With the two established branches already outperforming the Bendigo’s expectations, it would appear that they are on a winner.