Bendigo and Adelaide Bank (ASX:BEN) is set to record a $548.5 million impact to its second-half profit, reflecting a goodwill impairment and restructuring costs.
The regional lender said an after-tax impairment charge of $539.5 million has been recognised in the Consumer Cash Generating Unit, citing an increased discount rate used in goodwill testing and a “balanced approach” to global uncertainty.
As part of a phased productivity program, Bendigo is cutting more than 100 jobs across several business units and will close ten corporate branches. The restructure has added costs of $12 million pre-tax, or $9 million after tax, on top of previous charges.
The bank emphasised that both items are non-cash and will not affect its FY25 cash earnings.
At midday today, shares in Bendigo Bank were trading at $12.84, down 0.43%.