The lender also announces its $116 million purchase of a Melbourne-based fintech
Bendigo and Adelaide Bank reported a strong rise in profits in its full year 2021 financial results.
The bank posted statutory net profits of $524.0 million, up a whopping 172% from last year, and cash earnings after tax of $457.2 million, up 51.5% from 2020.
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Marnie Baker, managing director and chief executive officer of Bendigo and Adelaide, said that the results “clearly demonstrate our strategy is making us a bigger, better and stronger business.”
“We have delivered on what we said we would do and more by growing customer numbers and market share in both lending and deposits,” said Baker. “We continue to act with care, customers and community in mind and our transformation has improved our efficiency, productivity, speed to market, and customer experience.”
To cap off their full year performance, Bendigo and Adelaide announced its $116 million acquisition of Melbourne-based fintech, Ferocia.
“We have partnered with Ferocia for more than nine years to deliver our Bendigo e-banking app and internet banking platform, and, in 2018, we collaborated to introduce Up - Australia’s first and largest mobile-only digital bank platform,” said Baker. “We are excited by this opportunity to continue to grow and advance the Up platform, and further develop our digital ecosystem, adding Up’s exciting product roadmap to the existing offerings provided by the bank, including the market leading digital home loan capability of our partner, Tic:Toc.”
