Bendigo and Adelaide Bank jumps most in 5 years on profit surge, layoffs

Bendigo and Adelaide Bank

09/04/2026 04:22

Updates

** Bendigo and Adelaide Bank BEN.AX jumps as much as 9.9% to A$11.49; marks biggest intra-day percentage gain since February 2021

** Stock hits highest since February 19

** Australian lender posts cash earnings after tax of A$137.9 mln ($96.9 mln) for March quarter, up 12.8% y/y

** Says it will undergo reorganisation, including job cuts in its tech, business operations teams tied to new partnerships with Infosys INFY.NS, Genpact G.N

** UBS calls bank's trading update "strong print"

** Views partnerships as positive as regional players need to focus on tech tie-ups to compensate against scale headwinds

        ** Adds co's likely restructuring could see run-rate expense benefits of A$65 mln-A$75 mln to be realised by FY28

** Stock biggest percentage gainer on ASX 200 index .AXJO

** YTD, Bendigo down 0.6%

($1 = A$1.4225)

 (Reporting by Roushni Nair and Nikita Maria Jino in Bengaluru)

 ((Roushni.nair@thomsonreuters.com))