• Customer numbers up 11% year on year to 2.9 million, NPS +36.4 above industry
• Bendigo Lending Platform and Direct channels drove 71% of total residential lending settlements in 2H25
• Up's performance continues its drive towards profitability

Bendigo and Adelaide Bank delivered a solid FY25 performance, with customer numbers increasing 11% year-on-year to 2.9 million and the bank's Net Promoter Score (NPS) remaining 36.4 points above the industry average. The bank's digital channels, including the Bendigo Lending Platform and Up, drove 71% of total residential lending settlements in the second half of FY25. Up's performance continued its drive towards profitability, with the digital bank now having 1.2 million customers, $1.7 billion in loans, and $2.8 billion in deposits. While income was impacted by margin compression and reduced transaction account fees, the bank's operating expenses increased due to planned investment spend and inflationary pressures. Credit expenses benefited from a net writeback, reflecting revised collective provision overlays and a strong credit profile. The bank's statutory earnings were impacted by a goodwill impairment charge of $539.5 million. Bendigo and Adelaide Bank's balance sheet remained robust, with a CET1 ratio of 11.0% and a liquidity coverage ratio of 132.3%. The bank declared a dividend of 33 cents per share, in line with the prior year.

Bendigo and Adelaide Bank expects to limit business as usual expenses in FY26 to no higher than inflation through the cycle, with cash investment spend expected to be flat on FY25 levels and around half to be expensed. The bank also expects non-cash investment spend to substantially reduce, with one further core banking migration to be completed.