Australia's Bendigo and Adelaide Bank falls on profit drop, higher arrears

Bendigo and Adelaide Bank

26/08/2024 02:21

** Shares of Bendigo and Adelaide Bank  BEN.AX  fall as much
as 3.71% to A$11.94, posting their biggest intraday pct drop
since Aug 5 
    ** Co posts 2.6% drop in FY24 cash earnings attributable as
its consumer division saw heightened competition in first half 
    ** In residential lending, 90-day plus arrears increased by
8 basis points over year - co
    ** "Expect arrears to move back toward long-term averages,
which remain low by industry standards" - BEN
    ** Says targeting to increase investment spend (cash) for
both FY25 and FY26 by A$30 mln - A$40 mln ($20.39 mln-$27.18
mln) on FY24 levels 
    ** Shares hit their lowest level since Aug. 9 
    ** More than 1.1 mln shares change hands, compared with the
30-day average volume of ~1.2 mln shares  
    ** Stock up 28.23% this year, as of last close

($1 = 1.4717 Australian dollars)

 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))