Community banks underpin Bendigo’s bottom line

Bendigo Bank has reported a 2001-2002 net profit of $48.8 million, an increase of 46.6 per cent on the previous financial year. Total deposits grew to $7 billion, a rise of 12 per cent.

The bank declared a final dividend of 17 cents per share fully franked, up 2.5 cents on the 2000-2001 final dividend.

Bendigo's CEO Rob Hunt said that he sees “enormous potential” in the main focus areas of community banks, wealth management and expansion into Sydney. There's no time to go looking for more acquisitions, he said. The bank will continue to expand its community banking network, with an additional 30 branches to be established over the next year. There will be four hub branches in Sydney.