No bonus  for Bendigo  Bank chiefs
No bonus for Bendigo Bank chiefs

Bendigo and Adelaide Bank's executives had their bonuses scrapped in the 2011/12 financial year as the bank's net profit dropped by 43 per cent.

The bank's annual report, released today, shows chief executive Mike Hirst's remuneration in the year to June 30 was $2.35 million, down from $3 million in the previous year.

Excluding the value of shares yet to be awarded under long term incentive plans, Mr Hirst took home $1.8 million in pay.

No cash bonuses were paid to any directors or executives in 2011/12 as the bank's earnings failed to meet the minimum criteria set by the board.

Share based long-term incentives were also reduced.

Bendigo and Adelaide Bank made a net profit of $195 million in the 12 months to June 30, down from $342 million in the previous corresponding period.

Bendigo's cash profit, which excludes one-off financial items, was $323 million in the 12 months to June, down 3.9 per cent from the previous year.

All board members received pay cuts in 2011/12, with total remuneration for executives falling from $9.69 million in 2010/11 to $7.66 million.

Writing in the report, Mr Hirst said the bank faced challenging times due to a lack of consumer and business confidence.

It would stay focused on serving regional communities and strengthening its customer relationships, he said.

"Our bank is well positioned to outperform the market in this current environment as we have a distinctive offering and long history of trusted service," Mr Hirst said.

The West Australian

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