Branded retail banking strategy ‘on track’

Bendigo Bank today reaffirmed its branded retail banking strategy remains on track to achieve the Company’s growth objectives.

Delivering a presentation of the bank’s strategic drivers to the UBS Financial Services Conference in Sydney yesterday, Managing Director Rob Hunt said Bendigo’s branch openings remain on target and customer growth was at “satisfactory levels”.

“At the start of the current financial year, we forecast that growth in net profit after tax (NPAT) and pre-specific items would be in the range of 15 to 18 per cent, depending on market conditions,” Mr Hunt said.

“As the year draws to a close, we remain very comfortable with that guidance.”

Bendigo Bank is due to report its 2004/05 result on Monday 15 August.

Mr Hunt said that at that presentation, the bank intended to issue earnings per share guidance for 2005/06.

“This is in line with our modified capital management program that aims to better align EPS outcomes with improvements in NPAT performance.”

Mr Hunt said the bank continued the steady rollout of its branded retail banking strategy across Australia.

“We are very comfortable with our progress, and particularly happy with our progress in our wealth management division and the alliances and joint ventures formed over the past few years.

“Next Friday marks the tenth anniversary of Bendigo’s conversion to bank status and in coming months we will be demonstrating to our shareholders, and the market, the significant progress we have made.

“Bendigo is building a sought-after brand, an ever-growing distribution network and product suite, valuable relationships with community and alliance partners who bring unique strengths to us, and strong connections with our customer base.

“We are now very focused on balancing the rewards between those who support us with their custom and the shareholders who provide the capital to our business.”