Bendigo and Adelaide Bank recorded a 5.7% increase in net profit for the financial year ending June 2014, and brokers contributed to a nice chunk of that success.
The group announced an after tax statutory profit of $372.3 million, and Adelaide Bank general manager Damian Percy said brokers played an important role in the group achieving the positive result.
"During the 2013/14 financial year, the Bendigo and Adelaide Group’s mortgage manager and mortgage broker channels accounted for almost 50% of settlements.
"In addition to making up almost half of all mortgages written by the Group, the Third Party Lending businesses contributed almost 30% of the Group profit,” Percy said.
The third party mortgage market remains a key focus of the group, particularly for Adelaide Bank – being an intermediary only bank – and Adelaide Bank senior manager of broker distribution Fons Caminiti, said the lender would continue to invest in its brokers.
"Brokers can expect continual process enhancement, along with several other improvements over the next twelve months. These include a highly efficient new document portal to enable brokers to more easily upload applications to Adelaide Bank. In addition, brokers can expect further enhancements to our current product offering. These enhancements will complement our recent simplified fee change structure which includes unlimited eftpos transactions on the 100% offset account - and no variation fees for the life of the loan," Caminiti said.
"The recent release of the budgeting tool function on our already enhanced online banking platform has been well received, along with the implementation of e-statement functionality. We are certainly excited about the year ahead and what Adelaide Bank can offer our brokers and their clients," he added.