Bendigo Bank Earnings Rise 13 Percent Amid Strategic Cuts
Bendigo Bank reported a 12.8 percent rise in quarterly earnings to A$137.9 million. The lender also announced job cuts linked to new technology partnerships.
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Australia based BENDIGO AND ADELAIDE BANK reported a 12.8% increase in its third-quarter cash earnings, reaching A$137.9 million ($97.1 million) for the period ending March 31. The result was bolstered by a net interest margin of 1.98%, which grew by 6 basis points compared to the previous quarter.
The lender also announced strategic partnerships with INFOSYS LTD-SP ADR and GENPACT LTD to overhaul its technology and business operations. These changes will involve job cuts within the bank's technology and operations teams.
