BOQ LIFTS PROFIT & RATES

Written on the 7 April 2016 by Brisbane Business News

BOQ LIFTS PROFIT & RATES BANK of Queensland (ASX: BOQ) has posted a profit and decided to lift its interest rates independent of the Reserve Bank and majors.

The company's after tax profit was up 7 per cent to $179 million.

Also announced today, BOQ's rates for owner occupiers will go up by 0.12 per cent to 5.74 per cent and by 0.25 per cent for investors from April 15.

Meanwhile, the RBA on Tuesday left the benchmark interest rate unchanged at a record low of 2 per cent. 

BOQ managing director and CEO Jon Sutton says the company's first half result was due to faster loan growth, lower bad debts and its Investec acquisition.

"Over the half, we continued to make good strategic progress while successfully balancing our growth, margin and risk priorities in a market featuring high levels of competition, volatile wholesale funding markets and regulatory uncertainty," he says.

"Our ability to navigate these challenges and deliver a positive half year result reflects the underlying strength of our business and positions us well for the future."

Housing mortgage growth for the half was $1.7 billion, at 6x the system, driven by strong growth through BOQ Specialist and the broker network.

"The successful implementation of our strategy is evident," says Sutton.

"It has helped diversify our housing loan book geographically with 62 per cent of lending settlements in the half originating from outside Queensland."

BOQ will pay an interim dividend of 38c per share fully franked, up 2c on first half 2015.



Author: Brisbane Business News Connect via: Twitter

Latest News

CROMWELL CALLS FOR FULL DISCLOSURE FROM INVESTA

CROMWELL Property Group (ASX:CRM) has claimed Investa Office Fund (ASX:IOF) has not disclosed material information ab...

FRAUD CAUSES SILVER CHEF PROFIT SLIDE

EQUIPMENT financier Silver Chef (ASX:SIV) has seen its half-year profit slide due to fraud.

The Brisbane company r...

MEGAPORT QUADRUPLES REVENUE AND INVESTS IN EXPANSION

MEGAPORT (ASX: MP1) increased revenue 345 per cent to $4.46 million in the six months to 31 December 2016, the com...

IN-STORE VETS BOOST GREENCROSS' PROFIT

GREENCROSS Limited (ASX: GXL) shares lifted 5 per cent in trading today after the Brisbane-based company posted a ...

Related News

WHY EMPLOYEE-OWNED COMPANIES ARE BEATING ASX200 SHARE PRICES

EMPLOYEE-owned companies command a higher share price than their publicly listed peers, reaping a 17 per cent prem...

RISE OF THE MACHINES HAS WORKERS SWEATING

UP TO 3.8 million Australian workers are fearful their job may soon be terminated by a robot, a new survey has shown....

LESS TALK, MORE SMALL BUSINESS ACTION IN 2017

THE future growth and prosperity of Australian SMEs could be undermined if governments lose sight of the sector...

TEST DRIVE A POST GRAD AT BOND

THERE'S only one way to really move your career into the fast lane, says Bond University, and 'test driving...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter