BEN

Industry report (Banks) - November 2025

Australian Banking Industry Report

BEN: Regional Bank Transformation - Betting the House on Digital Dreams

Fair value $9.73 vs current $12.79 (24% downside). Regional bank mid-transformation with 5.9% revenue CAGR, ROE improving 7.34%→9.45% by FY30. Up platform (1.2m customers, +55.2 NPS) provides growth optionality. 4.9% yield, 50% transformation execution risk.

BEN Analysis: 1Q26 Trading Update

Event: 1Q26 Trading Update | Date: 2025-11-11 | Source: Bendigo and Adelaide Bank Announcement 1Q26 Update Reveals NIM Rebound But Cost Pressures Mount Bendigo and Adelaide Bank released its 1Q26 trading update on November 11, 2025, highlighting a recovery in net interest margin (NIM) to 1.91%, up 3 basis points from