Bendigo and Adelaide Bank (BEN) Q1 2026 TU earnings summary

Executive summary

• Cash earnings after tax were $120.7 million, down 3.2% from the 2H25 quarterly average and flat year-over-year.

• Statutory NPAT was $110.0 million, a significant decrease from the 2H25 quarterly average but up 6.6% year-over-year.

• Net interest income rose 3.4% from the 2H25 quarterly average and 5.3% year-over-year, supported by a higher net interest margin.

• Strategic milestones included the rollout of the Bendigo Lending Platform and a refreshed in-app onboarding process.

Financial highlights

• Net interest margin increased to 1.91%, up 3bps from 4Q25.

• Total income grew 3.8% from the 2H25 quarterly average and 4.5% year-over-year.

• Other income rose 6.8% from the 2H25 quarterly average, driven by higher card transaction volumes and franchise fees.

• Operating expenses increased 7.6% due to seasonal factors and one-off items, or 3.0% when adjusted.

• Credit expenses saw a $0.3 million reversal, benefiting from a collective provision release in Agribusiness.

Outlook and guidance

• The balance sheet is positioned for a return to growth in the second half of the financial year.

• Management remains cautious in residential lending due to competitive dynamics in third-party channels.