Bendigo bank: more loan payments restart

Bendigo and Adelaide Bank says two-thirds of its clients have restarted their loan repayments after deferrals were put in place at the height of the coronavirus pandemic.

Australia’s fifth-largest retail bank had offered support to more than 25,000 residential and commercial customers since March when the outbreak began to impact Australia.

As of October 16, just 6,797 customer accounts worth about $2.5 billion had deferred repayments, down 63 per cent since August and down 69 per cent since May.

“The number and balances of COVID-19 support have significantly reduced, including in Victoria,” managing director Marnie Baker said as the bank released its 2020/21 first-quarter update.

“The bank continues to work individually with customers on repayment deferral arrangements.”

Ms Baker said while the further easing of coronavirus in restrictions in Melbourne announced on Monday by the Victorian government would help, the outlook for the national economic recovery remained uncertain.

Bendigo earlier this year deferred a decision on its final dividend, and chair Jacqueline Hey told its annual general meeting on Tuesday this would be reviewed in February.

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