BOQ reports record first half
Bank of Queensland (BOQ) has defied the recent market volatility to report a record 33 per cent increase in first half net profit after tax of $65.3 million.
The result was built on the back of improved lending and deposit growth, with the bank’s managing director, David Liddy, saying that despite the recent market volatility BOQ had maintained strong asset quality with a focus on well-secured housing and SME lending, and a low level of significant corporate exposures.
The strong half-year result also comes as the bank seeks to bed down its acquisition of the Home Building Society and Pioneer Permanent Building Society.
Discussing funding and liquidity, Liddy said the bank was focusing heavily on accelerating retail deposits and that in terms of liquidity BOQ currently held in excess of 14 per cent liquidity with 82 per cent of securities held either in cash or securities eligible for Reserve Bank of Australia repurchase agreements.
AUTHOR
Mike Taylor
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