Earnings Roundup: Bendigo and Adelaide Bank, Tyro Payments, NIB Holdings

2 min read | August 25, 2024 05:45 PM PDT | By Team Kalkine Media

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Bendigo Bank Reports Strong Net Profit Growth

Tyro Payments Surges with Quadruple NPAT Increase

NIB Holdings Sees Impressive 67.4% Profit Growth

The financial sector continues to deliver results during the reporting season, with notable updates from Bendigo and Adelaide Bank, Tyro Payments, and NIB Holdings.

Bendigo and Adelaide Bank (ASX:BEN) reported a 9.7% rise in net profit after tax for the 2024 fiscal year, reaching $545 million, up from $497 million in the previous year. The bank also reported cash earnings of $562 million, slightly lower by 2.6% compared to $576.9 million in FY23. A dividend of 63 cents per share was announced, reflecting a 2-cent increase from last year.

CEO Marnie Baker highlighted the bank's performance, noting a 3.4% growth in customer deposits, alongside a 2.6% increase in total lending for the year. The bank saw a 6.4% rise in residential lending volumes and a 7.4% growth in agribusiness lending, particularly strong in Western Australia and Queensland.

Tyro Payments Ltd (ASX:TYR) had a standout year, with NPAT growing fourfold to $25.7 million, up from $6 million in FY23. EBITDA also saw a significant increase of 31.6% year-on-year, reaching $55.7 million, with an EBITDA margin of 26.4%. Gross profit was up 9.1% year-on-year to $210.8 million. The company's success was driven by a strategic pricing transformation, leading to a 21% increase in Health transaction volumes and a 27% rise in integrated banking users.

Looking ahead, Tyro Payments anticipates continued growth, projecting gross profit for FY25 to be between $218 million and $226 million, despite the economic challenges faced by its merchant customers.

NIB Holdings Ltd (ASX:NHF) reported a remarkable 67.4% growth in net profit for FY24, reaching $181.6 million. Group revenue also rose by 9.3%, totaling $3.3 billion for the fiscal year. The company’s Australian Residents Health Insurance business performed exceptionally well, achieving record-high sales and attracting a higher value of combined hospital and extras policies. Despite the pressures of rising living costs, policyholder growth outpaced industry expectations, reaching 2.5% compared to the anticipated 1.9%.

NIB Holdings declared a fully franked dividend of 29 cents per share, an increase from the 28 cents per share in FY23.

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