Bendigo and Adelaide Bank Limited — Cyborg Score 6/10
Solid
Banking and Financial Services
Strategic Profile
The bank is a conservatively managed retail bank with a well-regarded retail franchise model, a recognised community banking leader, and boasts high levels of customer and shareholder loyalty. BEN targets a ROE of above 10% by 2030 with an objective to deliver improved returns to shareholders.
Cyborg Score Rationale
BEN announced cash earnings of $256.4 million for the half year to December 2025, up 2.8% on the previous half. The bank's lending margin was 1.9%, producing a better-than-average return versus peers. However, BEN had a CET1 ratio of 11.3% last year, which was below the sector average.
Top Insights
Growth in lower cost deposits benefiting margin, as well as a reduction in costs in the second quarter.
Bank is focusing on completing its AML/CTF remediation program and preparing for the integration of RACQ Bank customers.
Bendigo & Adelaide Bank Ltd's lending margin of 1.9% produced better-than-average returns versus ASX major bank peers.
Bendigo and Adelaide Bank historically pays two fully franked dividends a year.
Named Competitors
Commonwealth Bank — Major Australian bank
Westpac — Major Australian bank
Bank of Queensland — Regional Australian bank
Up — Digital banking subsidiary
Recent Developments
(February 2026) Cash earnings of $256.4 million for H1 FY26, up 2.8% on previous half.
(February 2026) Strategic decision to exit legacy mortgage partner business.
(February 2026) Progress on AML/CTF remediation program and RACQ Bank customer integration preparation.
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