Bendigo and Adelaide Bank Ltd

BEN: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Bendigo and Adelaide Bank: Loan Growth Recovery Likely Comes at the Cost of Margins

Nathan Zaia

Oct 19, 2026

Bendigo and Adelaide Bank’s first-quarter fiscal 2027 cash earnings rose 18.5% on the second-half fiscal 2026 quarterly average. But excluding a large provision in 2026 and other notable items, we estimate earnings fell 2%, with loans shrinking and net interest margin, or NIM, down 6 basis points.

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Bendigo and Adelaide Bank Ltd

Bendigo and Adelaide Bank: Loan Growth Recovery Likely Comes at the Cost of Margins

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