Bendigo & Adelaide Bank Ltd. · ASX:BEN
Bendigo & Adelaide Bank — Debt Investor Presentation (February 2011)
23 slides from Bendigo & Adelaide Bank's debt investor presentation, Feb 22, 2011
Slide 1: Bendigo and Adelaide Bank Retail Bonds Series 1 Investor presentation
For personal use only Bendigo and Adelaide Bank Retail Bonds Series 1 Investor presentation February 2011 1
Slide 2: For personal use only
For personal use only This presentation has been prepared by Bendigo and Adelaide Bank Limited (Bank) in relation to the offer of Bendigo and Adelaide Bank Retail Bonds Series 1 (Offer). As Bendigo and Adelaide Bank Retail Bonds are debentures for the purposes, and are offered under the prospectus e
Slide 3: Contents
For personal use only • Overview – Bendigo and Adelaide Bank • Financial results • Retail Bonds (Series 1) Contents 3
Slide 4: Overview
For personal use only Overview 4
Slide 5: Overview
For personal use only Bendigo and Adelaide Bank Top 75 ASX listed company1 Conservative funding mix Market capitalisation of $3.5bn2 More than 90 per cent retail funded (on balance sheet) 6th largest Australian owned retail bank Approximately 88,000 shareholders4 More than $50bn loans
Slide 6: Overview
For personal use only Bendigo and Adelaide Bank •Strong community focused franchise Still #1 for customer satisfaction2 − 1.4m customers1 − 268 Community Bank® branches − 189 company owned branches − 20+ branches to be opened CY 2010 Bendigo and Adelaide Bank Limited Fitch S&P Moody’s Long-term BBB+
Slide 7: Overview
For personal use only Third Party Banking Growth and opportunities • Strong independent brand • Margins improving Retail Banking • Return to system growth • 1.4m customers 33% • Funding options emerging • 457 branches – 189 Bank owned Wealth – 268 Community Bank® branches • Fundamentals remain attra
Slide 8: Financial results
For personal use only Financial results 8
Slide 9: Financial results - summary
For personal use only $m HY Dec 2009 HY June 2010 HY Dec 2010 % change (pcp) Cash EPS 41.2¢ 42.1¢ 44.7¢ 8.5 Cash earnings ($m) 139.7m 151.3m 162.1m 16.0 Net profit after tax ($m) 104.1m 138.5m 173.9m 67.1 Dividend per share 28.0¢ 30.0¢ 30.0¢ 7.1 Cost to income 58.5% 57.7% 57.7% ↓1.4 NIM 2.04 2.14 2.
Slide 10: Group performance
For personal use only Group performance Financial results - summary Note: figures are for six-monthly reporting periods 10
Slide 11: Strong momentum in the business
For personal use only Strong momentum in the business • Capacity and capability preserved within the network • Customer demand for service and brand appreciation is strong Financial results - growth Source: December 2010 APRA Monthly Banking Statistics – growth for six months annualised 11 *Restated
Slide 12: Arrears performance
For personal use only Arrears performance Financial results - credit Figures exclude Rural Bank 12
Slide 13: For personal use only
For personal use only Retail Bonds (Series 1) 13
Slide 14: Overview
For personal use only Overview • Part of the Bank’s retail focussed funding strategy • Offers investors opportunity to diversify investment portfolio • Participation in emerging Australian corporate bond market Retail Bonds (Series 1) 14
Slide 15: The offer
For personal use only The offer • Bendigo and Adelaide Bank Retail Bonds (Series 1) are interest bearing, unsecured debentures issued by Bendigo and Adelaide Bank (the “Bank”) • The Bank is looking to raise up to a maximum of $250 million, for use in general banking and other operations • Term of 3
Slide 16: Benefits
For personal use only Benefits • Key benefits of investing in Bendigo and Adelaide Bank Retail Bonds (Series 1) include: ¾ Floating rate of return (beneficial in a rising interest rate environment) ¾ Quarterly interest payments ¾ Interest is not deferrable by the Bank ¾ Opportunity for investment po
Slide 17: Key risks
For personal use only Key risks • Key risks of investing specifically in Bendigo and Adelaide Bank Retail Bonds (Series 1) include, but are not limited to: ¾ Market price movements ¾ Interest rate fluctuations ¾ Payment default ¾ Low liquidity ¾ Lack of statutory “protected account” or depositor pro
Slide 18: Ranking
For personal use only Ranking Higher Liabilities preferred by law A significant amount of the Bank’s liabilities are afforded mandatory protection under the Banking Act 1959 (Cth). This includes “protected accounts” which are general at-call accounts and term deposits. “Protected accounts” will alwa
Slide 19: Liquidity
For personal use only Liquidity Retail Bonds (Series 1) Source: Bloomberg The above are average figures from day of launch for each issuance. There is no guarantee that Bendigo and Adelaide Bank Retail Bonds (Series 1) will have comparable 19 liquidity.
Slide 20: Deal comparability
For personal use only Deal comparability Retail Bonds (Series 1) 20 *The term deposit data above is based off those issued by the Bank (as at 21 February 2011) and is subject to change.
Slide 21: Key dates
For personal use only Key dates* Lodgement of Offer Document with ASX: 22 February 2011 Opening Date for the Offer: 22 February 2011 Closing Date for the Offer: 8 March 2011 Issue Date: 15 March 2011 Commencement of Deferred Settlement Trading: 15 March 2011 Despatch of Holding Statements: 21 March
Slide 22: Questions
For personal use only Questions 22
Slide 23: Contacts
For personal use only Bendigo and Adelaide Bank Retail Bonds Information Line: 1800 623 909 retailbonds@bendigoadelaide.com.au Analysts Media Will Rayner Lauren Treacy Head of Capital and Investor Relations Head of Media and Communications Tel: +61 8 8220 7764 Tel: +61 3 5485 7109 Mob: +61 437 794 3
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