Organic growth a challenge for Bendigo 11 August 2015 3:29PM Ian Rogers Achieving asset growth in a manner consistent with its mantra of "growth at profitable prices" is proving a grind for Bendigo and Adelaide Bank.Most of the growth at the bank over the year to June 2015 was the result of a takeover (in the case of Rural Finance) or merger (four small credit unions now operating under the "Alliance" sub brand).The bank lifted loans by a shade less than five per cent over the year. Rural and Alliance assets accounted for more than four-fifths of this growth.Net profit increased A$52 million to $424 million over the year. Pre-tax profit increased ten per cent to $590 million.Return on equity waned to 8.2 per cent in the June 2015 half from 9.5 per cent six months before.Mike Hirst, the bank's managing director, said "falling ROEs are not unique to us in banking; banks are required to hold more capital."We take a very long term view of the business. It's really only the last 18 months we stopped growing at system."Bendigo also incurred a slide in its interest margin over the year, down three basis points to 1.89 per cent.But there is no rush on the part of the bank to fall into line with increases on investment lending rates announced by other banks over the last two weeks."Everyone's re-priced to where we are," Hirst said. "We'll see what happens."