Record profit at Bank of Queensland
(Australia) - Emerging regional lender Bank of Queensland has posted a 60 percent lift in interim net profit to a record A$21.3 million for the six months to the end of February.
The result, struck on revenue of A$101.1 million, was achieved largely through productivity gains after a recent cost cutting program, but the bank's strategy of opening new branches also helped boost revenue.
The bank's cost-to-income ratio fell from 73 percent in the first half of 2002 to 65 percent in the recent reporting period.
Managing director David Liddy said the bank was in the midst of a program to upgrade its technology, which would save A$100 million over ten years.
Bank of Queensland now has 108 branches and plans to open 12 more by August.
The bank's cost-to-income ratio fell from 73 percent in the first half of 2002 to 65 percent in the recent reporting period.
Managing director David Liddy said the bank was in the midst of a program to upgrade its technology, which would save A$100 million over ten years.
Bank of Queensland now has 108 branches and plans to open 12 more by August.
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