Bank of Queensland looks south as earnings head north
(16th December 2003 – Australia) Bank of Queensland has told shareholders at its Annual General Meeting that the bank is on course to deliver double digit growth in 2004.
Managing director David Liddy said the strong growth of 2003 had continued into 2004 with lending approvals doubling over the first quarter compared to the corresponding period a year earlier.
"That is very strong growth and comes from our increasing retail footprint through the opening of 36 new branches over the last two years and the booming growth of our business banking operations," he said.
Liddy said the bank was targeting earnings per share growth of 10 to 12 percent, cost to income ratio of 64 percent, and return on equity of 14 percent in 2004.
He said the bank was intent on increasing its interstate presence in both the retail and business markets.
According to Liddy, the bank’s two recent acquisitions of UFJ Equipment Finance Australia and ATM Solutions Australia were already contributing to the bank’s bottom line. The purchases had grown the bank’s assets under management from $8.7 billion at the end of FY2003 to more than $10 billion currently.
"That is very strong growth and comes from our increasing retail footprint through the opening of 36 new branches over the last two years and the booming growth of our business banking operations," he said.
Liddy said the bank was targeting earnings per share growth of 10 to 12 percent, cost to income ratio of 64 percent, and return on equity of 14 percent in 2004.
He said the bank was intent on increasing its interstate presence in both the retail and business markets.
According to Liddy, the bank’s two recent acquisitions of UFJ Equipment Finance Australia and ATM Solutions Australia were already contributing to the bank’s bottom line. The purchases had grown the bank’s assets under management from $8.7 billion at the end of FY2003 to more than $10 billion currently.
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