August 10, 2009

Bendigo and Adelaide Bank has seen its profit drop by 58 per cent due to the impact of the global financial crisis.The bank's net profit has slumped to $83.8 million, and the final dividend has also been slashed from 37 cents last year to 15 cents this year.

Like most financial institutions, the bank had substantial write-downs over the past year, including a $550 million dollar exposure to investors in collapsed agricultural company Great Southern, which has so far generated $20 million in loan loss provisions.The bank's managing director, Mike Hirst, says he expects financial markets to remain difficult for some time to come.