Bendigo and Adelaide Bank Limited (ASX: BEN) has reported its financial results for the full year ended 30 June 2024. The bank reported a statutory net profit after tax of $545.0 million, marking a 9.7% increase for the year.

The bank's customer base continued to grow in FY24, with a year-on-year increase of 9.1% to more than 2.5 million customers. Up, the bank's digital arm, saw a 29% increase in customer numbers over the year while digital mortgage settlements accounted for 19.3% of all residential lending for the second half. Bendigo's Net Promoter Score is 27.9 points above the industry.

"Customer growth continued in FY24, with a year-on-year increase of 9.1% to more than 2.5 million customers and the Bank’s Net Promoter Score is +27.9 points above the industry. Up, our leading digital bank, grew customer numbers by 29% over the year helping to expand our reach and drive our vision to be Australia’s bank of choice,” said Marnie Baker, CEO and Managing Director.

Residential lending was $60.4 billion, up 3.1% from FY23. The FY24 dividend per share was 63 cents, up 3.3% from FY23. Cash return on equity was 8.18%, down 44 basis points from FY23. Common Equity Tier 1 was 11.32%, up 7 basis points from FY23. Customer deposits were $68.3 billion, up 3.4% from FY23. Total lending grew 2.6% over the year and 6.7% annualised in the second half. Digital mortgage settlements accounted for 19.3% of all residential lending for the second half.

"These full year results demonstrate the strength, capability and differentiation of our Bank," said Baker. "Over the last five years we have laid strong foundations for the Bank by reducing complexity across our brands, systems and processes. This has provided a clear path to optimise our differentiators as Australia’s most trusted bank. We have continued to make investments across our business to improve the customer experience and support sustainable growth over the medium term."

The bank's transformation agenda includes reducing complexity, investing in capability, and focusing on sustainability. The bank expects official interest rates to remain at current levels into the next calendar year. The bank is targeting to increase investment spend (cash) for both FY25 and FY26 by $30-40 million on FY24 levels.

"Our home loan customers remain well ahead of their repayments with 40% one year ahead of repayments. Importantly, more than 85% maintain a financial buffer,” Ms Baker said.