Bendigo and Adelaide Bank jumps most in 5 years on profit surge, layoffs

Bendigo and Adelaide Bank BEN.AX jumps as much as 9.9% to A$11.49; marks biggest intra-day percentage gain since February 2021

Stock hits highest since February 19

Australian lender posts cash earnings after tax of A$137.9 mln ($96.9 mln) for March quarter, up 12.8% y/y

Says it will undergo reorganisation, including job cuts in its tech, business operations teams tied to new partnerships with Infosys INFY.NS, Genpact G.N

UBS calls bank's trading update "strong print"

Views partnerships as positive as regional players need to focus on tech tie-ups to compensate against scale headwinds

Adds co's likely restructuring could see run-rate expense benefits of A$65 mln-A$75 mln to be realised by FY28

Stock biggest percentage gainer on ASX 200 index .AXJO

YTD, Bendigo down 0.6%

($1 = A$1.4225)