Business lending growing strongly for BOQ
(9 December 2005 – Australia) A strong business lending performance is one of the key drivers behind Bank of Queensland’s continued growth, managing director David Liddy has said.
Speaking at BOQ’s annual general meeting, Liddy said business banking approvals for the first quarter of 2006 were up 52 percent on the same period last year. Leasing had also grown 36 percent year on year.
He said BOQ’s Business Investment Account had shown funds growth of 59 percent while its revamped cash management account had grown 13 percent in the first quarter.
Liddy said despite intense competition deposits had grown 17 percent.
He said housing approvals were now above the level they were before the bank withdrew from using mortgage brokers in June 2004, up 31 percent on the same quarter in 2005.
"This not only proves the correctness of the decision for Bank of Queensland, but highlights that banks can not just survive but thrive, using their own channels and improved productivity," he said.
Liddy said the bank’s focus on getting the platform in place was delivering growth in 2006.
"We are on track to meet our target of 1.5 to two times system growth, largely because our entrepreneurial, service focused approach combined with new branch openings in greenfield sites is keeping us ahead of the pack," he said.
BOQ is set to roll out another 16 interstate branches before April 2006. The bank has 179 branches overall, 40 of which are outside its home state.
He said BOQ’s Business Investment Account had shown funds growth of 59 percent while its revamped cash management account had grown 13 percent in the first quarter.
Liddy said despite intense competition deposits had grown 17 percent.
He said housing approvals were now above the level they were before the bank withdrew from using mortgage brokers in June 2004, up 31 percent on the same quarter in 2005.
"This not only proves the correctness of the decision for Bank of Queensland, but highlights that banks can not just survive but thrive, using their own channels and improved productivity," he said.
Liddy said the bank’s focus on getting the platform in place was delivering growth in 2006.
"We are on track to meet our target of 1.5 to two times system growth, largely because our entrepreneurial, service focused approach combined with new branch openings in greenfield sites is keeping us ahead of the pack," he said.
BOQ is set to roll out another 16 interstate branches before April 2006. The bank has 179 branches overall, 40 of which are outside its home state.
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