Bendigo and Adelaide Bank profit up to $342.1mn

More than 90% of the bank's on balance sheet funding comes from retail deposits.

Bendigo and Adelaide Bank Limited has reported that net profit after tax of $342.1 million for the year ended June 30, 2011.

Cash earnings for the twelve months of 2011 were $336.2 million, or 92.3 cents per share, an increase of 10.8%, compared to the twelve months of 2010. Net interest margin increased five basis points over the reporting period from 2.12% to 2.17%.

Bendigo and Adelaide Bank Group Managing Director, Mike Hirst said, "We have seen extremely strong deposit inflows and lending demand from our customers - more than 90 per cent of the bank's on balance sheet funding comes from retail deposits and our lending growth is comfortably exceeding system.

"This customer support enabled the bank - and its Community Bank and other partners - to generate strong earnings that flowed through into a solid profit outcome for the group. Equally as pleasing is the solid return to our partners, with more than $20m applied to building community assets during the year.

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