Today, the All Ordinaries (ASX: XAO) was trading 0.29% lower with shares of Bendigo and Adelaide Bank Ltd (ASX:BEN), Brambles Limited (ASX:BXB) and QBE Insurance Group Ltd (ASX:QBE) in focus.
Featured Video: Franking Credits Explained
If you need to scrub up on your knowledge of the markets, did you know you can take one of our free investing courses or subscribe to the Rask Australia YouTube channel? Both are free!
All Ordinaries News At Lunchtime
1. Bendigo and Adelaide Bank Ltd – trading halt
Today, Bendigo Bank shares skidded into a trading halt pending the initiation of a $300 million capital raising and following the release of its 2020 half-year report. In the most recent period, the regional bank showed a 5.6% increase in revenue to $834 million and a profit of $146 million, down 28% year over year. On a cash earnings basis, profit fell 2% to $215 million. The difference between the figures, Bendigo Bank said, can be attributed to software impairment costs.
“Earnings for the half were impacted by ongoing technology investment, regulatory and compliance costs and staff investment to support mortgage growth,” CEO Marnie Baker said.
Bendigo Bank’s board elected to pay a half-year or interim dividend of 31 cents per share, down from 35 cents per share last year.
Keep reading: “Bendigo Bank’s report and capital raising”
2. Brambles Limited – up 5%
Brambles released its half-year report this morning revealing a 7% increase sales revenue to $US2.4 billion, together with a net profit of $US278 million, up 8% in constant currency terms. An interim dividend of 9 US cents or 14.5 Australian cents was declared by the board.
“Despite a range of challenges, we delivered sales and earnings growth across all our segments and materially improved Group cash flow generation in the first half,” Brambles CEO Graham Chipchase said.
Keep reading: “Brambles delivers, shares rise”
3. QBE Insurance Group Ltd – up 1.5%
QBE is Australia’s largest global insurer, it operates in 31 countries and is one of the top 20 global insurance and reinsurance companies.
In its 2019 financial year QBE reported revenue of $US15.2 billion, down $202 million. However, across its policies the renewal rate rose to 6.3% from 5% last year. Meanwhile, the gross written premium figure climbed 2% to $US13.44 billion and profit rose 41% from $US390 million to $US550 million.
QBE’s full-year dividends stood at 27 cents per share, down from 28 cents per share last year.
Keep reading: QBE shares moves up on profit report
[ls_content_block id=”14947″ para=”paragraphs”]
