BOQ business banking grows 23 percent in FY06
(13 October 2006 – Australia) Bank of Queensland has posted a record full year profit of A$82 million, up 21 percent on the previous year.
The bank’s business banking division grew 23 percent during 2005/06.
"Key factors which have enhanced our business banking offer, particularly in the SME market, over the last 12 months have been the launch of our enhanced internet banking platform and the roll out of a new suite of business banking products, including Australia’s first genuine flat fee transaction account for business," BOQ managing director David Liddy said.
"Our purchase of the Orix debtor finance division, combined with our high performing equipment finance business and our strong retail branch network and business banking centres have allowed us to carve out strong market share growth in the SME market," he said.
Liddy said strategic decisions taken over the past five years were starting to bear fruit. He said BOQ had reached its target of 215 branches, 75 of which are located outside its home state with new branches to open in Tasmania and South Australia before Christmas giving the bank representation nationally.
Liddy said BOQ’s loan approvals grew 33 percent in 2005/06, retail deposits grew 18 percent, loans under management increased by 22 percent, and that overall credit quality was good.
Over the past 12 months, BOQ struck a number of alliance arrangements, including an alliance with Macquarie Bank to provide margin lending products to BOQ customers, and another with Genesys advisors to provide wealth management services to the bank’s customers.
Liddy said the new alliances put the bank on the same field or ahead of its larger competitors across the full range of finance options.
BOQ also announced that Queensland merchant banker David Graham would replace director Bruce Phillips on the bank’s executive board with immediate effect.
"Key factors which have enhanced our business banking offer, particularly in the SME market, over the last 12 months have been the launch of our enhanced internet banking platform and the roll out of a new suite of business banking products, including Australia’s first genuine flat fee transaction account for business," BOQ managing director David Liddy said.
"Our purchase of the Orix debtor finance division, combined with our high performing equipment finance business and our strong retail branch network and business banking centres have allowed us to carve out strong market share growth in the SME market," he said.
Liddy said strategic decisions taken over the past five years were starting to bear fruit. He said BOQ had reached its target of 215 branches, 75 of which are located outside its home state with new branches to open in Tasmania and South Australia before Christmas giving the bank representation nationally.
Liddy said BOQ’s loan approvals grew 33 percent in 2005/06, retail deposits grew 18 percent, loans under management increased by 22 percent, and that overall credit quality was good.
Over the past 12 months, BOQ struck a number of alliance arrangements, including an alliance with Macquarie Bank to provide margin lending products to BOQ customers, and another with Genesys advisors to provide wealth management services to the bank’s customers.
Liddy said the new alliances put the bank on the same field or ahead of its larger competitors across the full range of finance options.
BOQ also announced that Queensland merchant banker David Graham would replace director Bruce Phillips on the bank’s executive board with immediate effect.
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