Citi says Bendigo and Adelaide Bank's Q1 results tough to digest

Bendigo and Adelaide Bank

11/11/2025 20:12

** Analysts at Citi say Bendigo and Adelaide Bank's BEN.AX Q1 results are likely tough for the markets to digest

** The Aussie lender posts Q1 unaudited cash earnings of A$120.7 million ($78.43 million), ~6% below the H1 run-rate implied by Visible Alpha consensus

** While the market is coming to understand the quarterly seasonality of BEN’s P&L, costs were higher than consensus expectations - Citi

** Brokerage says market will have to be patient on the details of cost relief and productivity until co's strategy day in December

** Citi retains ''sell" rating on BEN saying there are considerable challenges for co as it tries to increase long-term returns and improve credit growth

** Two of 12 analysts rate the stock "buy" or higher, six "hold", and four rate it "sell" or lower; their median PT is A$11.35 - LSEG data

** As of last close, stock down 11.1% YTD

 (Reporting by Himanshi Akhand in Bengaluru)

 ((Himanshi.Akhand@thomsonreuters.com;))