(Australia) Bank of Queensland has posted a post tax net profit of $44.7 million for FY2003 marking a year on year increase of 56 percent.The bank said its record profit was built on the back of a 54 percent boost in lending to $5.7 billion, a 29 percent increase in deposit growth to $3.8 billion, and 32 percent growth in assets under management to $8.7 billion.
Bank of Queensland managing director David Liddy said the “strengthening and growth” of the bank’s “fundamentals” had been the most important aspect of its performance over the past 12 months.
“The growth in assets under management of more than $2 billion from $6.6 billion to $8.7 billion puts us in a powerful position for future geographical expansion, infrastructure development and product and channel growth in the coming year,” he said.
The bank clarified that its total assets under management at August 31, 2003 did not include those of recent acquisition UFJ Finance Australia, which it said had total assets under management of approximately $1 billion.
As a result, the bank said its total assets under management now exceeded $10 billion.
“Bank of Queensland’s growth of 23 percent in total income to $214.3 million has been achieved through a 22 percent increase in net interest income and a 26 percent increase in non-interest income,” Liddy said.