Australia's Bendigo and Adelaide Bank slips to near two-week low on quarterly revenue miss
Mon 02:19
BUZZ-Australia's Bendigo and Adelaide Bank slips to near two-week low on quarterly revenue miss ** Shares of Bendigo and Adelaide Bank BEN.AX fall as much as 3.4% to a near two-week low of A$10.19
** Citi says BEN's first-quarter revenue was 1%-2% below market expectations, reflecting weaker home finance and foreign-exchange income
** The regional lender's NIM fell 6 basis points to 1.94% over the quarter, reflecting three wholesale funding transactions including the prefunding of RACQ acquisition
** Citi maintains a "sell" rating on Bendigo and Adelaide Bank and a A$9.70 price target
** YTD, stock down 2.8%, including the session's moves
(Reporting by Paridhi Minda in Bengaluru)
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