Bendigo Bank shares are being sold down

Bendigo and Adelaide Bank shares are down more than 4% after it announced its first half results.

Cash profit was $217.9 million, up 10.9%, while statutory net profit was up nearly 26% to $227.3 million.

The result was within analyst expectations.

Managing Director Mike Hirst says the bank was able to maintain net interest margins.

“This is a solid result given the highly competitive, low growth environment in which the bank is operating,” Hirst says.

“Whilst demand for housing loans is solid we are seeing an increase in customers paying down their debt across all portfolios.

While this impacts the bank’s growth, it’s fantastic for our customers as they’re building equity and greater financial wealth, particularly as interest rates have fallen.”

Australia’s fifth largest bank announced an interim dividend of 33 cents, up 2 cents.

Its shares were down more than 4% to $13.78.

The big four banks are also weaker today, led by Westpac at $37.31, down 0.59%.

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