This year so far has been a good one for the Bendigo and Adelaide Bank Ltd (ASX: BEN) share price. It’s gained 11.94% since the start of 2022, outperforming many of its ASX peers.
In fact, the bank’s share price is currently outperforming the S&P/ASX 200 Financials Index (ASX: XFJ) by nearly 10%. The sector has risen just 2.34% year to date.
It’s not only the financials index that Bendigo Bank is leaving in its dust. The S&P/ASX 200 Index (ASX: XJO) has slipped 0.92% since the beginning of 2022, leaving the bank’s stock outperforming it by nearly 11%.
At the time of writing, the Bendigo Bank share price is $10.40, 0.95% lower than its previous close. Comparatively, the ASX 200 is gaining on Thursday. It’s up 0.53% right now.
So, what’s driven Bendigo Bank’s outperformance this year? Let’s take a look.
Why is the Bendigo Bank share price outperforming?
Bendigo Bank is one of the ASX 200’s best-performing financial stocks in 2022, and that’s despite only one piece of news having been released by the retail bank.
On 14 February, the Bendigo Bank share price got plenty of love over the bank’s half-year earnings.
Over the six months ended 31 December, its revenue increased 8.5% on that of the prior comparable period. Its statutory net profit also rose 31.7% while its interim dividend received a 12.8% boost, reaching 26.5 cents, fully franked.
Bendigo’s strong performance was driven by its residential lending. The Bendigo Bank share price gained 4.43% on the release of the half-year results.
But it’s not the highest performing ASX 200 financial share of 2022.
That crown is worn by National Australia Bank Ltd (ASX: NAB). Its shares have gained 12.59% in 2022 so far – only just besting the Westpac Banking Corp (ASX: WBC) share price with a 12.07% year-to-date gain.