Bendigo & Adelaide Bank Ltd. · ASX:BEN
Bendigo & Adelaide Bank — Debt Investor Presentation (February 2011)
24 slides from Bendigo & Adelaide Bank's debt investor presentation, Feb 24, 2011
Slide 1: Replacement Investor Presentation cover note
For personal use only February 24, 2011 Bendigo and Adelaide Bank Retails Bonds (Series 1) Replacement Investor Presentation The accompanying investor presentation replaces the document lodged with the Australian Securities Exchange on 22 February 2011. – ends – Details Will Rayner Head of Investor
Slide 2: 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 3: Important notice
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 exemption in section 70
Slide 4: Contents
For personal use only • Overview – Bendigo and Adelaide Bank • Financial results • Retail Bonds (Series 1) Contents 3
Slide 5: Overview
For personal use only Overview 4
Slide 6: Overview
Bendigo and Adelaide Bank Top 75 ASX listed company1 Conservative funding mix For personal use only 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 7: Strong community focused franchise
Bendigo and Adelaide Bank Still #1 for customer satisfaction2 For personal use only •Strong community focused franchise − 1.4m customers1 − 268 Community Bank® branches − 189 company owned branches − 20+ branches to be opened CY 2010 Overview 1. Excludes customers through Partner Advised Banking 6 2
Slide 8: Growth and opportunities by segment
Third Party Banking Growth and opportunities • Strong independent brand • Margins improving Retail Banking • Return to system growth For personal use only • 1.4m customers 33% • Funding options emerging • 457 branches – 189 Bank owned Wealth – 268 Community Bank® branches • Fundamentals remain attra
Slide 9: Financial results
For personal use only Financial results 8
Slide 10: Financial results - summary
$m HY Dec 2009 HY June 2010 HY Dec 2010 % change (pcp) Cash EPS 41.2¢ 42.1¢ 44.7¢ 8.5 Cash earnings ($m) 139.7m 151.3m For personal use only 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 11: Group performance
Group performance For personal use only Financial results - summary Note: figures are for six-monthly reporting periods 10
Slide 12: Strong momentum in the business
Strong momentum in the business For personal use only • 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 13: Arrears performance
Arrears performance For personal use only Financial results - credit Figures exclude Rural Bank 12
Slide 14: Retail Bonds Series 1
For personal use only Retail Bonds (Series 1) 13
Slide 15: Overview of the Retail Bonds
Overview For personal use only • 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 16: The offer
The offer For personal use only • 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 17: Benefits
Benefits For personal use only • 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 18: Key risks
Key risks • Key risks of investing specifically in Bendigo and Adelaide Bank Retail For personal use only 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 19: Ranking
Ranking Higher Liabilities preferred by law A significant amount of the Bank’s liabilities are afforded mandatory protection For personal use only under the Banking Act 1959 (Cth). This includes “protected accounts” which are general at-call accounts and term deposits. “Protected accounts” will alwa
Slide 20: Liquidity
Liquidity For personal use only 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 21: Deal comparability
Deal comparability For personal use only 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 22: Key dates
Key dates* For personal use only 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 23: Questions
For personal use only Questions 22
Slide 24: 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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