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2013 Annual Financial Report Contact Us Bendigo and Adelaide Bank Limited ABN 11 068 049 178

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2013 Annual Financial Report Contact Us Bendigo and Adelaide Bank Limited ABN 11 068 049 178 Customer connected Community focused 2012–2013 Annual Financial Report Contact us Bendigo and Adelaide Bank Limited ABN 11 068 049 178 Registered head office The Bendigo Centre 22-44 Bath Lane Bendigo VIC Australia 3550 Telephone: 1300 361 911 Facsimile: 03 5485 7000 Customer Help Centre 1300 361 911 (local call) 8.30am to 7.30pm weekdays Australian Eastern Standard Time/Australian Eastern Daylight Time Shareholder enquiries Share Registry 1800 646 042 Email: [email protected] Becoming an eShareholder Want to reduce paper and receive this document electronically? You can become an eShareholder simply by registering your mobile number and email address at www.bendigoadelaide.com.au. As an eShareholder, you will have ready access to important dates, current shareholder publications and the Company’s latest announcements. In an effort to reduce our paper consumption and impact on the environment, this Annual Financial Report is printed on FSC certified paper using environmentally friendly inks. Table of contents Chairman’s message 4 15. Financial assets available for sale - debt securities 92 16. Financial assets available for sale - equity investments 92 Managing Director’s message 5 17. Financial assets held to maturity 93 Review of operations and operating results 6 18. Loans and other receivables 94 Group performance highlights 15 19. Impairment of loans and advances 95 20. Particulars in relation to controlled entities 96 Analysis of Group performance 17 21. Investments accounted for using the equity method 98 Overview of loan and deposit portfolios 19 22. Property, plant and equipment 101 Capital adequacy 20 23. Assets held for sale 103 24. Investment property 103 Divisional performance 20 25. Intangible assets and goodwill 104 Directors’ report 22 26. Impairment testing of goodwill and intangibles Remuneration overview for FY2013 25 with indefinite lives 107 27. Other assets 108 Remuneration Report 27 28. Deposits 109 Corporate governance 46 29. Other payables 110 Five year history 53 30. Provisions 110 31. Reset preference shares 112 Five year comparison 54 32. Convertible preference shares 112 Income statement 55 33. Subordinated debt 112 Statement of comprehensive income 56 34. Issued capital 113 35. Retained earnings and reserves 115 Balance sheet 57 36. Employee benefits 117 Statement of changes in equity 58 37. Share based payment plans 118 Cash flow statement 60 38. Auditor’s remuneration 123 39. Key management personnel 124 Notes to the financial statements 61 40. Related party disclosures 130 1. Corporate information 61 41. Risk management 133 2. Summary of significant accounting policies 61 42. Financial instruments 146 3. Segment results 75 43. Derivative financial instruments 156 4. Profit 78 44. Commitments and contingencies 159 5. Cash earnings 81 45. Standby arrangements and uncommitted credit facilities 163 6. Income tax expense 82 46. Fiduciary activities 163 7. Capital management 84 47. Securitisation and transferred assets 163 8. Earnings per ordinary share 86 3 48. Business combinations 164 9. Dividends 87 49. Events after balance sheet date 164 10. Return on average ordinary equity 89 11. Net tangible assets per ordinary share 90 Directors’ Declaration 165 12. Cash flow statement reconciliation 90 Independent Auditor's Report 166 13. Cash and cash equivalents 91 Additional information 168 14. Financial assets held for trading 91 Chairman’s message We are pleased to be able to report another strong performance by Bendigo and Adelaide Bank for 2012–2013. This result builds on the solid foundations laid over several Your Board has a diverse mix of skills, backgrounds, years as we have dealt with the broader implications of the geographies and experience, contributing to the strong, Global Financial Crisis. It also reflects the strength of the Bank’s purposeful development of the Bank. Five of the directors have unique customer and community value proposition in these been on the Board for less than five years, each offering fresh subdued market conditions. We appreciate the support that our perspective and new ideas. customers and the communities in which we operate provide to our business. To retain our unique position in the marketplace, we must continually adapt, grow and improve while remaining true The Board was pleased to announce an increase in the final to our core values of placing customers and communities dividend to 31 cents per share, a 3.3 percent increase on first. We must keep responding to and anticipate the the first half of the financial year. This increase took the full demands of our customers and be an unapologetically 21st year dividend to 61 cents per share. It reflects the Bank’s century organisation. Our investments in Basel II Advanced strong capital position, improved earnings performance, and Accreditation and new digital and online technologies are an our confidence in the outlook for Bendigo and Adelaide Bank, integral part of this. We must ensure our business systems despite expectations of subdued economic conditions in the and practices are constantly updated to support our people, coming 12 months. customers and communities. This strong, consistent performance comes from our low risk, On a more personal note, I have been delighted by how the rigorous, common sense management of Bendigo and Adelaide Bank’s scholarship program has grown in the six years since Bank. Today, our conservative funding and balance sheet we established it. From just one scholarship in 2007, it has structure, and our highly engaged staff, place Bendigo and become one of Australia’s largest privately funded scholarship Adelaide Bank in a good position to continue to grow and to programs. While these scholarships are just one of many benefit from any improvement in market sentiment and demand examples of how our Bank is investing in communities around for credit. the country, I believe there is no better investment for all our communities than giving young people the opportunity to We are now well-placed to move beyond our recent phase of further their education. consolidation and transition to a more entrepreneurial period, where we can take greater advantage of the opportunities in I am very proud of some key milestones the Group has the marketplace. We have never been better placed to evolve celebrated this year, and I am excited about what the coming and develop. As the fifth largest retail bank in Australia, year will bring. On behalf of the Board, thank you for your we are an increasingly significant player in the financial continued support, and we look forward to a successful 2014. services industry. We can be confident about our growing profile and potential. Following the retirement of Terry O’Dwyer in August 2012, we welcomed Robert Hubbard to our Board. Rob joins the Board with more than 20 years of experience in various accounting, corporate finance, assurance, and audit roles. He is from Robert Johanson Queensland, which is an important area of business for Chairman us. We look forward to his invaluable insights into running large complex organisations with a national footprint in an international marketplace. 4 Managing Director’s message The 2012–2013 financial year was typified by soft demand for credit, heightened competition for retail deposits and fragile consumer confidence. It is therefore pleasing that we have been able to produce a result that shows improvement in a range of profitability and efficiency measures – including net profit, cash earnings, net interest margin, dividend and earnings per share, return on equity and cost to income ratio. We have been able to achieve this due to the fantastic support > Our Community Bank® model, which celebrated its of our shareholders, customers and the communities we 15th birthday, has now returned more than $100 operate in, while maintaining a credit rating of at least “A-” from million to communities across Australia all three ratings agencies. > Sandhurst Trustees, part of our Bank’s Wealth Our strategy over the next three years is to build on the strong division, celebrated 125 years since its formation foundations established for the business since the offset > The Community Sector Banking initiative celebrated of the Global Financial Crisis, and to capitalise on the many its first 10 years. From small beginnings, it now serves opportunities available to us. Our family of brands ensures we more than 7,000 customers and has a $650 million will continue to attract, serve and satisfy the varied needs of balance sheet our customers. Significant investments in Basel II Advanced Accreditation and our new Adelaide premises will deliver > The transition of more than 110,000 Adelaide Bank retail enormous benefits to our customers through increases in customers onto the core Bendigo Bank retail platform was productivity, efficiency and collaboration. successfully completed in April. Our Bank is now well-placed to grow our connection with all As a management team we must remain nimble and continue our South Australian customers to evolve in response to the ever-changing environment in > In November we relaunched the Bank of Cyprus as which we operate. Advances in technology add another layer Delphi Bank. The new-look brand will continue to build of uncertainty to the banking environment, through the rapid on the company’s strong connection to the Hellenic introduction of new ways and models of doing business and community a fluid competitive landscape with aggressive new entrants seeking market share growth in niche areas. We continue > Investments in Community Telco® Australia and to invest in the digital space, and are increasingly engaging HubIT, the company that developed the NoQ app, with our customers through social media channels. We are continue to diversify our services and complement our currently developing a new online banking system, which will customer-connected vision initially be rolled out in mobile format, and we will soon be Your management team looks forward to continuing to relaunching www.bendigobank.com.au leverage our unique strengths to take advantage of the Our customer-centric values, ability to innovate and a culture significant opportunities that exist for our Bank.
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