Up and margin rebound for Bendigo

Ian Rogers

Bendigo and Adelaide Bank’s Up brand has regained its mojo.

Up had 920,000 customers as of June and the bank put customer growth at 29 per cent over the year to June 2024.

Deposit balances via Up were $2.1 billion, out of total deposits for the bank of $79 billion.

Bendigo funded around 1000 home loans via Up over the year, a combined balance of $561 million, and the bank will expect these numbers to grow quickly.

Bendigo’s financial results for FY2024 were supported a much lower bad debt charge of $13 million, from $36 million.

Net profit increased to $545 million from $497 million in 2023.

As a result of income growing at a slower rate than costs, the cost to income ratio increased to 57.5 per cent from 54.9 per cent. The bank said it “remains committed to reducing its cost to income ratio towards 50 per cent over the medium term.”

The net interest margin decreased a little over the full year to 1.90 per cent from 1.94 per cent, but increased over the second half by 13 bps.