Bendigo and Adelaide Bank (ASX:BEN) shares dropped by as much as 3.9%, reaching A$8.83 in what could be their worst day since March 14 if the losses persist.

The financial services provider reported its full-year cash earnings at A$576.9 million ($374.41 million), which while being higher than the previous year’s A$500 million, is lower than the Visible Alpha consensus of A$593.8 million.

Critics point to a softer 4Q Net Interest Margin, increased costs among other issues as the cause of the weaker than expected results.

The bank’s NIM tallied up to 1.94% for the entire year, aligning with the Visible Alpha consensus.

Despite these challenges, Bendigo and Adelaide Bank boosted its dividend payout to 32 AU cents per share, a significant increase from 15 AU cents previously.

Nevertheless, shares hit their lowest since July 13, contributing to an approximate 6.3% decrease in the bank’s stock value this year up until the last close.

Bendigo and Adelaide Bank is a financial service provider based in Australia, focusing on retail and wholesale banking services.