BEN reported software asset impairment and non-cash restructuring expenses

Bendigo and Adelaide Bank Limited (ASX: BEN) has announced the impairment of certain software intangible assets and the incurrence of additional non-cash restructuring costs. As a result of these changes, a non-cash expense of AU$60.8 million after tax will be reflected in the Group's FY23 profit result.

Moreover, additional non-cash expenses will affect the statutory net profit result, including restructuring costs of AU$27.5 million after tax. More detailed information on these expenses will be available in Appendix 4E, released on 14 August 2023. After reviewing the Net Interest Margin (NIM) methodology and aiming to enhance alignment with cash basis reporting, the Bank has adjusted the NIM calculation. The NIM will now be determined by dividing Net Interest Income (calculated on a cash basis) by the average interest-earning assets.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com