• Cash earnings of $514.6 million, down 8.4% YoY
• Statutory net loss after tax of $97.1 million due to goodwill impairment
• Final dividend of 33 cents per share, stable on prior period

Bendigo and Adelaide Bank Limited (ASX:BEN) today reported cash earnings for the year of $514.6 million and statutory net loss after tax of $97.1 million, with the latter driven largely by an impairment of goodwill announced last week. Cash earnings for the year were down 8.4%. The Board determined to pay a fully franked final dividend of 33 cents per share. The bank's Managing Director and CEO, Richard Fennell, stated that the full year results demonstrate the bank's balanced approach in a challenging and competitive environment. The bank has delivered more moderate growth and stable margin in the second half of FY25, in contrast to the first half where a significant increase in demand for its products placed margins under pressure. Expenses were higher year-on-year due to the planned increase in investment spend, but the bank's business as usual (BAU) expenses were well below inflation for the second half. The bank's customer numbers continue to grow strongly, up 11% across the year to 2.9 million, while Bendigo Bank's Net Promoter Score of +28.0 remains 36.4 points above the industry average. The bank's digital bank, Up, grew 29% to 1.2 million customers and now comprises more than 40% of the Bendigo Bank customer base. The bank has also reduced the number of core banking systems from three to two, further simplifying its business and technology platforms. During the second half, the bank appointed three new members to the Executive team and finalised its 2030 Strategic Plan, which focuses on driving growth in lower cost deposits and realising productivity benefits through operational simplification.

The bank is targeting a Return on Equity above 10% by 2030.

Australia's economy is well positioned, with moderating inflation allowing for further RBA rate cuts while US tariffs will likely have a lower impact on the Australian economy. Globally, economic policy uncertainty remains elevated along with geopolitical tensions. Over the next two years, the bank will focus on further activating its existing strong deposit franchise, implementing productivity improvements, and driving sustainable lending growth funded mostly by lower-cost deposits.