Powered by MOMENTUM MEDIA
subscribe to our newsletter

Former Suncorp CEO joins Bendigo Bank’s board

Bendigo and Adelaide Bank has announced the appointment of the former chief executive of Suncorp Bank to its board.  

David Foster has been appointed to serve as a non-executive director on Bendigo and Adelaide Bank’s board.

Mr Foster currently serves on the boards of several organisations within the financial services, retail, education and professional services industries, which include Genworth Australia, Thorn Group, Motorcycles Holdings Ltd, and G8 Education Ltd.

The new appointee previously held several roles within the financial sector, which included a stint as CEO of Suncorp Bank and as general manager of Westpac Group.

Bendigo’s chairman, Robert Johanson, welcomed Mr Foster to the bank’s board.

Advertisement
Advertisement

“David has deep experience in real retail banking. This will be very helpful as we continue to grow the bank,” he said.

The appointment follows the release of Bendigo’s full-year results for the 2019 financial year.

The bank reported statutory net profit of $376.8 million in in the 2018-19 financial year, down 13.3 per cent year-on-year from $434.5 million in the previous corresponding period. 

The profit was weakened by costs associated with customer remediation ($16.7 million) and redundancies ($11.9 million), as well as “unrealised losses” in its reverse mortgage business Homesafe ($24.1 million) due to the prolonged period of declining property prices in Melbourne and Sydney, according to the non-major bank.

Its net interest margin stayed steady at 2.36 per cent in FY19.

PROMOTED CONTENT


[Related: Bendigo reports fall in profit, rise in mortgage growth]

Former Suncorp CEO joins Bendigo Bank’s board
Bendigo Bank
mortgagebusiness

Latest News

Citi is to exit its consumer business, including mortgages, loans, retail banking and credit card operations, in Australia and 12 other ...

The major bank’s CEO has reiterated that responsible lending changes could simplify the lender’s processes and improve mortgage approv...

The non-major has reported growth in housing lending as well as a rise in home loan settlements via the broker channel. ...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Tackling the home deposit challenge

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.