Restatement of segment reporting
12 February 2024
|Business
Bendigo and Adelaide Bank (BEN:ASX) today announces reporting changes with the Bank in 1H24 that have impacted the Bank's operating segments. The Group has restated prior reporting periods to align with the updated structures and reporting. These changes have no impact on the Group's FY23 consolidated financial results.
The key changes are:
- The Business and Agribusiness segment now includes micro-business customers1 (previously reported in Consumer segment). This change will allow our micro-business customers to experience business services from inception to growth.
- There was a change in the Group's funds transfer pricing (FTP) methodology relating to transaction accounts. The FTP changes align the divisional allocation of Net Interest Income with cost/benefits being transferred from Corporate.
- The Middle Markets team, which manages part of the Group's short-term wholesale funding requirements, transitioned from the Business and Agribusiness segment into Treasury within the Corporate segment.
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The Bank’s half-year results for 2024 will be released on 19 February 2024.
Approved for release by: Board Audit Committee Bendigo & Adelaide Bank Limited.
1. Micro-business customers are defined as those who have total lending less than $500,000 and annual turnover of up to $1 million.
