BEN +0.76%: Reported an in line 3Q result, though lacked meaningful quarter-on-quarter growth due to lower non-interest income – down -13.6% on 2Q.
- Net interest income $416.2 million
- Net profit after tax $109.8 million, +1.3% on the 1H25 quarterly average
- Net interest margin flat vs 2Q25
Reduced completions in Bendigo’s debt-free equity release solution ‘Homesafe’ for senior homeowners was a key reason for declining non-interest income. Looking ahead, while net interest margins remain stable, revenue headwinds from subdued non-interest income may continue to weigh on earnings unless income from Homesafe completions and account keeping fees can recover.
MM remains neutral on BEN
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