Ahead of system for mortgage asset growth in 2022, Bendigo and Adelaide Bank now bring one of the best banking offers ever to market.
In an ingenious piece of marketing, the bank’s disruptive and now massively successful Up variant is offering to exchange cash for regretful purchases.
At a storefront in Melbourne, beginning this morning for a few days, exchanges can be made up to a value of $500, T&Cs apply. The donations will be passed onto a charity.
However, Up and Bendigo will need to hire the Melbourne Convention and Exhibition Centre rather than a storefront to accommodate the BNPL claptrap about to overwhelm them.
On the mortgages front Bendigo and Adelaide Bank are riding the Tic:Toc wave. Over the year to June 2022 the bank’s mortgage book increased by 11.0 per cent, or 1.4 times system.
This is growth at a bank that is typically stringent in pricing for profit and margin.
The business lending book fell over the year, but is bouncing back, though deposits are down. On household deposits Bendigo has matched system with growth of 13.2 per cent.
Bendigo ought to be reporting a wider interest margin and if they have any control of costs a decent group profit beckons on Monday week.
Next Wednesday Commonwealth Bank kicks off the bank profit season and it won’t be pretty.