Personal Loans Australia

Consumers move to increase savings

Chief executive Mike Hirst said customers were topping up deposit accounts and repaying loans at a near-record rate as the market uncertainty intensified.

Unveiling the group's full-year results yesterday, Mr Hirst said: "We've seen a large inflow in the past month, near record levels."

Customers had been paying back personal loans, credit card debt and business loans, he said. "We've seen a continual increase as people start to clean up their balance sheets."

Individuals and businesses had sought security since the end of the financial year amid the uncertainty caused by the evolving debt crises in the US and Europe.

The bank revealed it made about 375 margin calls on securities investors last week as stock markets tumbled.

Lenders make margin calls - demanding that borrowers stump up more cash or sell up - when the value of assets bought with credit tumbles below an agreed level.

While well below the 1700 margin calls Bendigo Bank was making daily at the height of the financial crisis, the number last Friday was far higher than normal.

Bendigo & Adelaide posted a net profit of $342.1 million for the year to June -- a 41 per cent increase on last year and about 4 per cent above market expectations.

The group -- which is far less reliant on global markets for its funding than the major banks -- remained confident of raising funds in a tight and volatile market.

Last year it increased its retail deposit base by 8.9 per cent or $3 billion.

The bank's net interest margin - a key measure of its ability to profit from lending - climbed from 2.12 to 2.17 percentage points.

Bendigo & Adelaide will pay a full-year fully franked dividend of 60c, including 30c for the second half..

The group said the number of home loan customers who were behind on repayments by 90 days or more had fallen despite significant increases in the Reserve Bank's official cash rate.

Morningstar Equities analyst David Ellis praised the result but said the bank needed to raise its Tier One capital ratio - a measure of the bank's cushion to accommodate economic shocks - back above 8 per cent.

"Overall, you've got good volume growth, margins held steady, costs increasing but below the rate of income growth - a good position," Mr Ellis said.

The bank opened 20 new branches last year and plans another 15. Last week it announced plans to sell products issued by subsidiary Rural Bank through Australia Post branches.

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