The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price has been on the up-and-up these last few weeks.
In fact, it’s the best performing major S&P/ASX 200 Index (ASX: XJO) banking stock of the last fortnight, boasting an 11.6% gain.
At the time of writing, Bendigo Bank’s shares are trading at $10.10, having gained another 0.15% today.
For context, the ASX 200 is currently up 0.2% while the All Ordinaries Index (ASX: XAO) has gained 0.3%.
Let’s take a look at what’s been driving the ASX 200 retail bank’s stock lately.
Why is the Bendigo Bank share price outperforming lately?
The Bendigo Bank share price has grown from $9.05 at the ASX’s close on Tuesday 8 February to trade at $10.10 today.
Only the share price of National Australia Bank Ltd. (ASX: NAB) has come close to recording such a gain. It’s boomed 7.8% over the last 14 days.
Looking at the broader market, the Bendigo Bank share price’s moves are even more impressive. The S&P/ASX 200 Financials Index (ASX: XFJ) has gained just 2% in that time, while the ASX 200 is trading relatively flat.
So, what’s been driving the bank’s stock higher? Well, Bendigo Bank dropped its earnings for the first half of financial year 2022 early last week, sending its share price surging 4.4% on the day of the release.
Over the 6 months ended 31 December 2021, the bank’s statutory net profits surged 31.7% while its revenue increased 8.5% on those of the first half of financial year 2021.
It was residential lending that spurred its impressive earnings. It grew by 8.4% over the period, compared to 7.6% system growth.
While the market was seemingly happy with the bank’s results, brokers responded with mixed reactions.
As The Motley Fool Australia’s Zach Bristow reported, analysts at JP Morgan were concerned about the bank’s cost cutting targets.
Meanwhile, those at Barclay were extra bullish on the bank’s stock following its earnings.
The post Up 11% in two weeks. What’s been driving the Bendigo Bank (ASX:BEN) share price lately? appeared first on The Motley Fool Australia.
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More reading
- To buy, or not to buy, that is the question: Analysts are indecisive on Bendigo Bank (ASX:BEN) shares after mixed earnings
- Why are ASX 200 bank shares getting so much love today?
- Why Bendigo and Adelaide Bank, Crown, JB Hi-Fi, and Newcrest are pushing higher
- ASX 200 (ASX:XJO) midday update: JB Hi-Fi impresses, Crown accepts $8.9bn Blackstone bid
- Bendigo Bank (ASX:BEN) share price lifts amid 32% jump in profits
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns and has recommended Bendigo and Adelaide Bank Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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