Bendigo and Adelaide Bank's profit is, once again, a bit incomplete. Just where did five months of earnings (and costs, and revenues) of Adelaide Bank to November 2007 go again?Never mind; no one else seems interested. So even though the bank yesterday was reporting a "full year" profit, it's really a full year profit for Bendigo Bank with seven months of Adelaide Bank tacked on, and no more said about what's rapidly ancient history on the junior partner in this merger.The basic metrics of the June 2008 financials for Bendigo and Adelaide Bank are sound enough.Looking just at the financials for the second half (the first half being highly deficient) the return on average assets for the bank was 0.80 per cent (the same as in 2006 and a touch better than in 2007).The return on equity, using net profit before significant items, was 17.3 per cent, which is an improvement of between one and two percentage points on each of the two prior years.    Bendigo said that cash earnings increased by 70 per cent to $201.9 million in the year to June 2008, while reported net profit increased 40 per cent to $170.5 million. Cash earnings per share increased 13 per cent to 93.7 cents.The bank declined to provide any guidance on earnings beyond a vague undertaking to work to improve shareholder value, though the bank did clarify that this referred to increasing earnings per share.The net interest margin fell by five basis points to 1.64 per cent over 12 months to June 2008. Over the last six months the bank's net interest margin increased by 10 basis points, reflecting repricing on the loan portfolio as the bank (and all banks) got to grips with the ramifications of the credit crunch.The reported interest margin is one metric that does allow for the effective amalgamation of the profits of Adelaide Bank and Bendigo Bank over the full year.