Bendigo Bank continues to manage more for yield than to achieve any particular growth objective.Underlying profit increased 19 per cent to $195 million in the year to June 2007; pre-tax profit increased 20 per cent to $178 million (but only by 15 per cent after significant items) while net profit increased 14 per cent to $119 million.The bank's interest margin increased to 2.90 per cent from 2.76 per cent, almost all due to "repricing and product mix changes".Return on assets fell to 0.76 per cent in 2007 from 0.80 per cent in 2008. The bank's return on equity fell to 15.2 per cent in 2007 from 16.2 per cent in 2006.The bank reported growth in residential loans of only nine per cent for the year and four per cent for the latest half, and thus missing out on much of the late lending boom in the financial year driven by superannuation changes.The Community Banking segment reported a 27 per cent rise in profit over the year to $27 million while other segments (retail banking, wealth solutions and Bendigo's half share of Elders Rural Bank) reported increases in line with the group result.