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Annual General Meeting – MD confirms profit target

30 October 2006 |Media centre

Bendigo Bank Managing Director Rob Hunt today confirmed the bank’s cash earnings per share growth target of ten per cent for 2006/07.

Mr Hunt told the bank’s 141st annual general meeting that first quarter trading had been satisfactory and demand for the Bendigo brand remained strong.

“Recent Merrill Lynch research showed Bendigo was the favored bank of customers planning to switch banks and our net new customer numbers grew by 24,000 in the first quarter, to almost 1.1 million.

“During November we will seek to build on that momentum with a further round of national television advertising supported by a major home loan campaign and the launch of our new, keenly priced Basic Black credit card.

“There is also a focus right across our business on deepening the relationships we have with our customers, and we are seeing encouraging signs that customers are responding to us contacting them with relevant product offers.

“While we are watchful of the impact of interest rates and the ramifications of drought, with strong demand, a diversified revenue base and strong customer support, we are confident of achieving our guidance of an improvement of ten per cent in cash EPS.”

Today’s meeting voted overwhelmingly to adopt all resolutions on the meeting agenda, including:

The re-election of retiring Directors Jenny Dawson, Don Erskine and Kevin Roache; and the election of new Directors Deborah Radford and Tony Robinson.
An Executive Incentive Plan linking rewards with the strategic long-term goals and performance of the company. The plan includes allocations of options and performance rights based on pre-determined benchmarks.
A grant to Mr Hunt of options and performance rights under the Executive Incentive Plan.
Approval for the issue on 13 October 2006 of 1.591 million shares under the Employee Share Plan.
Full details of all proposals adopted are available in the Investor Information section of the Bendigo Bank website.

The formal outcome of the 2006 AGM was lodged with the Australian Stock Exchange earlier today.

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