Bendigo Bank (ASX:BEN) share price outperforming amid ‘sustainability first’

The bank reveals its latest sustainability move.
The post Bendigo Bank (ASX:BEN) share price outperforming amid ‘sustainability first’ appeared first on The Motley Fool Australia. –

The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price is outperforming the broad index on Tuesday.

Whereas the S&P/ASX 200 Index (ASX: XJO) is up 0.25% on the day, Bendigo Bank shares have climbed around 1.5% in the green.

Bendigo shares are on the move as “Australia’s better big bank” revealed a new program aimed at reducing textiles waste from its old staff uniforms.

Let’s peel back the layers on this one to get a better understanding of what Bendigo is up to.

‘Sustainability First’ uniforms

Bendigo Bank has partnered with award-winning recycling company Uparrel in a program to re-use and re-purpose its old work uniforms to soft filling.

Uparrel is a textiles recycling company that “eradicates textile waste”. It has a number of partnerships already in place. As such, Uparrel is gaining traction in the recycling business.

The “uniform recycling program”, as Bendigo puts it, mirrors the company’s focus on “supporting long-term strategies” of sustainability.

For context, Bendigo arrived at a dilemma when it introduced “new mix and match” uniforms for its staff from August 2021.

This led to a potential textiles waste problem with an “estimated 32-plus tonnes” of old uniforms no longer being worn. Hence, the Uparrel partnership seemed a natural fit to solve Bendigo’s problem.

As a result, the bank has achieved “carbon neutrality” this calendar year. Moreover, it is committed to “purchasing 100% renewable energy by 2025”.

Furthermore, Bendigo and Uparrel will meet again at the end of the project to discuss the total amount of greenhouse gases that were offset.

For instance, Bendigo stated that “every kilogram of clothing” that is recycled “will prevent 3-4 kg of greenhouse gases from entering our atmosphere”.

The duo will focus on producing a children’s flip-up sofa, made by Uparrel. One unit will purportedly use 3kg of recycled textiles.

In addition, Bendigo has extended its reach by allowing staff to send in their own old uniforms. In addition, it is offering discounts on solar panels and batteries for employees’ homes.

What did management say?

Bendigo’s executive of consumer banking Richard Fennell said:

We are proud to announce that Upparel has been chosen as our partner to assist with the upcycling of the old uniform range as we introduce a more contemporary ‘mix and match’ corporate wardrobe that really allows the personality of our Bendigo Bank team to shine through.

Bendigo Bank share price snapshot

The Bendigo Bank share price has had a choppy year to date, posting a gain of only about 6% since January 1. As such, it has lagged the broad index this year.

In addition, over the last month, Bendigo shares are about 3.5% in the red.

Despite this, the Bendigo share price has gained 56% over the last 12 months. This return has outpaced the broad index’s return of about 25% over the past year.

The post Bendigo Bank (ASX:BEN) share price outperforming amid ‘sustainability first’ appeared first on The Motley Fool Australia.

Should you invest $1,000 in Bendigo and Adelaide Bank right now?

Before you consider Bendigo and Adelaide Bank, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Bendigo and Adelaide Bank wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

How does the CBA (ASX:CBA) earnings result compare to Bendigo Bank?
ASX 200 drops, Bendigo Bank sinks, JB Hi-Fi rises

The ASX reporting wrap-up: Bendigo, Beach, Lendlease

Why Beach, Bendigo & Adelaide Bank, Flight Centre, & Lendlease are tumbling lower

Who’s starting the week off as the biggest mover on the ASX 300 today?

The author Zach Bristow has no positions 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 has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!