Wednesday, October 9, 2013

BoQ jumps back into the black

Banking and Finance BOQ logo

BOQ logo Photo: Supplied

Bank of Queensland has posted a net profit of $185.8 million after recording a $17.1 million loss in the previous corresponding year, on the back of a reduction in loan expenses and improved credit management.

The Brisbane-based bank reported cash profit of $250.9 million in the year to August. It declared a fully franked full-year dividend of 58 cents per share.

Bank of Queensland shares were up 5.07 per cent to $10.98 in early trade today.

BOQ CEO Stuart Grimshaw

BOQ CEO Stuart Grimshaw Photo: Supplied

Last year, BoQ became the first Australian bank to post a loss for 20 years. The bank also reported a normalised cash profit of $30.6 million in the previous corresponding year.

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''While challenges remain, particularly around external market and economic volatility, the foundations are firmly in place for sustainable growth in shareholder returns,'' BoQ chief executive and managing director Stuart Grimshaw said.

''Our strategy is now all about execution and we are focused on our strategic pillars: multi-channel optimisation; risk/return balance operational excellence; and talent, capability and culture.''

Mr Grimshaw said the regional bank's efforts to address its problems have led ratings agency Standard and Poor's to upgrade its long-term credit rating twice to A-.

Earlier this year, BoQ said it had taken a $46 million hit after the discovery of interest rate and fee errors. Some errors dated back to 2004.

BoQ said it would refund $34.5 million to 38,000 customers and pay another $11.5 million to fix the errors.


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