BOQ POSTS ANOTHER RECORD RESULT
8 October 2015,
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'.