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(Add details on financial results)
Feb 11 (Reuters) – Bendigo and Adelaide Bank Ltd, a medium-sized Australian lender, announced Monday that their cash earnings for the first half of the year had dropped by more than 2 percent, hurt by lower margins due to lower costs. higher financing on term deposits and wholesale markets.
Cash earnings – which excludes one-time gains or losses – for the six months ended Dec. 31, fell to A $ 219.8 million ($ 155.8 million) from A $ 225.3 million a year ago. before.
The bank declared an interim dividend of 35 cents Australian per share, identical to that of the previous corresponding period.
The pre-income half-yearly net interest margin (NMI), a key indicator of profitability that measures the difference between interest cost and earned interest, decreased by 1 basis point to 2.35%.
Bendigo attributed the decline in the NIM to higher financing costs as a result of higher bank bill swap rates.
On a statutory basis, net profit fell by more than 12% to 203.2 million Australian dollars.
$ 1 = $ 1.4104 Australian dollar
Report by Aby Jose Koilparambil in Bengaluru; Edited by
Stephen Coates and Peter Cooney
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