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BOQ Profit Up

BOQ Profit Up

(14 April 2008 – Australia) For the first half of the financial year, Bank of Queensland has recorded a 33 percent increase in net profits. The interim normalised cash net profit after tax was $A65.3 million, for the first half of 2007/08. This was an increase of 33 percent on the prior comparable period.

BOQ has said that the result comes on the back of lending growth of 1.7 times average market growth as well as retail deposits of 2.2 times average market growth, despite the difficult economic environment.

BOQ managing director David Liddy said that the growth above market was done without sacrificing asset quality.

He said that the strong asset quality has a focus on well-secured housing and SME lending, and a low level of significant corporate exposures.

He said that their large exposures are limited; they have 59 connections with exposures over $A10 million. The total large exposures contribute only 22 percent of the Bank’s commercial portfolio and only about 5 percent of assets under management.

Of the business book, BOQ has had 31 percent growth in the business loans portfolio compared to the first half last year. In particular, the equipment finance book has grown by 24 percent.

In the conversion of branches, BOQ has had five successful conversions of corporate branches to Owner-Managed Branches (OMBs) and five new sites opened this financial year.
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