Australia's Bendigo and Adelaide Bank extends gains on upbeat results; Citi retains 'sell' rating

Bendigo And Adelaide Bank

10/04/2026 06:02

Updates with share moves

** Shares of Bendigo and Adelaide Bank BEN.AX rise as much as 3.2% to A$11.7, mark their highest level since February 19

** Stock extends gains, among top gainers in the benchmark index .AXJO, which is down 0.3%

** Citi retains its "sell" rating on BEN, citing that the bank's Q3 trading update was well-received, but headline numbers are consistent with prior guidance and do not drive sustained earnings revisions

** The regional lender's stock jumped 8.4% on Thursday after it posted a 12.8% jump in third-quarter cash earnings after tax

** Citi said earnings beat the H2 VA consensus run-rate, but cautioned the beat was driven by asset quality and timing effects in other operating income and costs

** Brokerage says tailwinds driving "strong" 1.98% third-quarter NIM - mix, repricing and lower liquid assets - are likely to partially reverse as balance‑sheet growth resumes, and flags decline in average interest‑earning assets

** Citi adds cost savings from newly inked partnerships are already incorporated in management's cost cutting ambitions

** YTD, stock up 7.8%

($1 = 1.4124 Australian dollars)

 (Reporting by Shruti Agarwal in Bengaluru)

 ((Shruti.Agarwal@thomsonreuters.com))