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Dollar General: The Rural Retailer Playbook
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Bendigo and Adelaide Bank
Bendigo and Adelaide Bank (BEN) investor relations material
Bendigo and Adelaide Bank H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary15 Feb, 2026
Executive summary
Cash earnings after tax were $256.4 million, up 2.8% sequentially but down 3.3% year-over-year, with statutory profit after tax at $230.6 million, up 6.4% year-over-year, driven by higher net interest income and digital growth.
Customer base neared 3 million, with NPS +24.9, and digital bank Up achieved profitability ahead of schedule.
Operating expenses rose 4.2% half-on-half and 6.4% year-over-year, but Q2 expenses were 6.4% lower than Q1 due to productivity gains and FTE reduction.
The bank self-disclosed AML/CTF deficiencies, leading to an AUSTRAC enforcement investigation, a $50 million APRA capital overlay, and a comprehensive remediation program estimated at $70–$90 million over three years.
Agreement to acquire RACQ Bank’s loan and deposit books, expected to add 90,000 customers and expand Queensland presence, subject to regulatory approval.
Financial highlights
Total income for 1H26 was $1,009.9 million, up 3.7% half-on-half and 3.9% year-over-year; net interest income rose 4.4% year-over-year to $871.1 million, with NIM up 4 bps to 1.92%.
Cash earnings after tax were $256.4 million, with statutory earnings at $230.6 million; dividend per share was 30c, fully franked, with a payout ratio of 66%.
Operating expenses (cash basis) rose to $636.5 million, with cost to income ratio at 63.0%.
Net credit write-back of $2.4 million, with impaired assets at 0.15% of loans.
CET1 ratio at 11.37%, up 37 bps half-on-half and 20 bps year-over-year; liquidity coverage ratio at 135.3%.
Outlook and guidance
Targeting ROE above 10% by 2030, with a dividend payout ratio of 60–80% of cash earnings and BAU cost growth not exceeding inflation.
Residential loan growth expected to return to system levels in the near term; improved business and agribusiness growth in FY26.
NIM expected to face slight pressure as lending volumes improve and competitive dynamics influence deposit and funding costs.
AML/CTF remediation program to cost $70–$90 million over three years, with $15 million in H2 FY26.
Credit costs expected at 5–8 bps of loans through the cycle.
AML/CTF cost scope and potential for add-ons?
H2 NIM pressure with loan growth; how to mitigate?
How is new spend absorbed in unchanged investment?
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Next Bendigo and Adelaide Bank earnings date
Q3 2026 TU21 May, 2026
Bendigo and Adelaide Bank
Next Bendigo and Adelaide Bank earnings date
Q3 2026 TU21 May, 2026
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Frequently asked questions
Bendigo and Adelaide Bank Limited provides banking and financial services, including personal and business banking, mortgage lending, wealth management, and insurance. The company operates a network of branches, agencies, and online platforms, primarily serving communities throughout Australia. It targets both retail and commercial customers. The company is headquartered in Bendigo, Australia, and its shares are listed on the ASX.
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