Bendigo Bank Ltd chief executive Rob Hunt earned a $400,000 pay rise in 2005/06 but his remuneration is still well behind peers who run Australia's four major banks.

But he's still not in the same league as the major bank chief executives who pocket $4 million or more a year for their bank's multi-billion profits.

Bendigo's annual report released on Thursday showed Mr Hunt earned a salary of $769,000 and a cash bonuses of $560,000, along with $245,000 related to an interest-free provided under the employee share plan.

Mr Hunt now has just over 800,000 shares in Bendigo, 740,000 of which were issued under the employee share plan under where loans are taken out and paid off by share dividends.

"We remain confident about our capacity to further improve shareholder returns," Mr Hunt, and chairman Robert Johanson, said in a joint statement to shareholders.

They said the bank is focusing on maintaining high credit standards and growing at profitable prices, while avoiding chasing market share at unsustainable low pricing.

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