Bendigo and Adelaide Bank is looking to tap Australia's growing wealth management industry after recently recording a 23.2 per cent jump in after-tax profit for the half year to 31 December 2009 to A$134.2 million ($120.5 million), compared to the previous corresponding period.

The improved performance of the bank is proof of its strong and low-risk balance sheet, good staff performance, and the resilience of its business units through the global financial crisis, the company said in a statement.

"Credit quality remains exceptional across the majority of our loan portfolio. This reflects not only the strength of the Australian economy and employment market in general, but also the sound underwriting standards and low-risk nature of our portfolio," said Mike Hirst, the bank's group managing director.

"The fundamentals for each of our businesses remain sound, with solid growth prospects for our retail, wealth and third party businesses," he added.

Bendigo's wealth businesses, Sandhurst Trustees and Adelaide Managed Funds are expected to take advantage of improved market fundamentals, particularly at a time major foreign players are starting to carve their own niches in the local industry.

In a separate survey conducted by Datamonitor, it was revealed that Australia comes second to China as the most attractive country market for international private banks as it offers not just a well-developed economy, but also an attractive business environment and a significant number of sophisticated high net worth individuals. As regards ease of market entry, Australia is second to Singapore.

Shares in Bendigo went up 3 per cent after the results were released to A$10.20 each, allowing it to declare a first half dividend of 28 cents per share.