Regional Aussie bank Bendigo and Adelaide tanks 18% on bleak first-half results

Bendigo and Adelaide Bank

16/02/2025 23:47

** Shares of regional Australian bank Bendigo and Adelaide
 BEN.AX  plunge 18.2% to A$10.88, their lowest levels since May
30, 2024
    ** Stock falls as much as 19% to mark its worst intraday pct
drop
    ** BEN stock top loser in the ASX200 benchmark index
 .AXJO , which down 0.8%
    ** More than 1.7 million shares change hands, vs the 30-day
average of around 1 million
    ** BEN reports 1H25 cash NPAT of A$265.2 million ($168.38
million), below Visible Alpha consensus of A$278.4 million
    ** Says income impacted by margin pressures, driven by
higher funding costs to support lending growth
    ** UBS Head of Australian Bank Research John Storey says
BEN's result "reads fairly poor, with a lot of work to do and
delivery needed to meet expectations on full-year numbers"
    ** Citi says market will question the strategy to grow
aggressively in mortgages given the associated asset pricing and
funding headwinds
    ** BEN stock down 15% this year, including the day's moves

    ($1 = 1.5751 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com;))