BOQ POSTS ANOTHER RECORD RESULT

Written on the 8 October 2015

BOQ POSTS ANOTHER RECORD RESULT BANK of Queensland (ASX: BOQ) has delivered a record full year 2015 result, with statutory profit after tax up 22 per cent.

BOQ posted a $318 million profit and a 19 per cent increase in its cash earnings after tax to $357 million.

Basic cash earnings per share grew 9 per cent to 97c per share. The board will pay a final dividend of 38c per share, taking full year dividends to 74 per share, up 12 per cent.

CEO Jon Sutton (pictured) was pleased with the bank delivering another record result among challenging market conditions.

"BOQ has now delivered record results for five successive halves, a significant achievement in an environment of low growth and changing regulations," says Sutton.

"Though we have more work to do, particularly around returning to higher levels of asset growth, most of our key financial metrics are moving in the right direction."

BOQ recorded a net interest margin for the full year of 1.97 per cent, up 15 basis points, with Sutton adding the outlook for stronger margins was expected to only improve as the Basel IV framework for banks is introduced in coming years.

The company is also continuing to diversify its asset base, with its proportion of total lending in Queensland falling below 50 per cent for the first time.

Sutton says BOQ has achieved the majority of its housing growth in the owner occupied space, targeted through brokers and the BOQ Specialist business a product of the Investec acquisition last year which serves health, medical and accounting customers.

BOQ Specialist contributed $43 million to the result in its first full year, exceeding original guidance of $38 million.

Meanwhile, its Business Bank saw a slowing of strong growth due to 'aggressive competitor activity'.



Latest News

HOW TO LEAD A BETTER BUSINESS WITH YOUR PARTNER

PEOPLE say that starting your own business is one of the greatest challenges you can face. Edward and Rebecca Plan...

CORPORATE TRAVEL MANAGEMENT NOTCHES UP 23 YEARS OF CONSECUTIVE GROWTH

CORPORATE Travel Management (ASX: CTD) has reported its strongest ever full-year results, with a net profit increa...

REPORTING SEASON WRAP: TUESDAY HIGHLIGHTS

* BHP Billiton (ASX: BHP) reported full year net profit of $7.42 billion compared to a $8 billion loss in the previou...

GREENCROSS PLANS MORE IN STORE VET CLINICS ON THE BACK OF A 21.5 PER CENT PROFIT RISE

VETERINARY services provider Greencross Limited (ASX: GXL) has reported an increase in profit of 21.5 per cent to ...

Related News

DARK DAYS AHEAD FOR AUSTRALIAN RETAIL AS REPORT FORECASTS MAJOR INDUSTRY ROUT

ALMOST 1,600 retail businesses are at risk of imminent collapse, including 21 major retailers with turnovers of more ...

REPORTING SEASON WRAP: MONDAY HIGHLIGHTS

* FORTESCUE Metals (ASX: FMG) reported net profit after tax (NPAT) of $2.64 billion for the year to June 30, up fr...

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

ANALYSTS PREDICT WHAT AUSSIE LIVING IS LIKELY TO BECOME IN THE NEXT CENTURY

AS THE Australian population continues to grow, analysts are predicting what the country is likely to look like wi...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter