Record result for rapidly expanding BOQ
(19 October 2004 – Australia) Bank of Queensland has posted a net profit of A$64.5 million for financial year 2004 compared with A$44.7 million last year, marking a 44 percent increase.
The bank said the result was based on strong lending and deposits growth, an expanding branch network and further diversification of its business.
BOQ’s underlying profit for 2004 grew by 42 percent to A$106 million. Significant items included A$6.1 million before tax from the sale of Cashcard and A$2 million in expenses for writing off assets and provision for surplus lease space in the bank’s new Brisbane HQ.
The bank’s adjusted net profit after tax was A$61.7 million, an increase of 38 percent on the 2003 figure.
BOQ chairman Neil Roberts said the strong result was achieved while building the foundations for future growth in shareholder value.
BOQ managing director David Liddy said the result was particularly satisfying as it had been achieved in a year which had seen significant investment in the business.
"The 2004 year saw a continuation of our rebuilding phase to prepare us for the growth ahead, so it is important to recognise the significant achievements in light of that vital investment back into the business," he said.
"The record profit of A$64.5 million is gratifying and comes with a reduction in our cost to income ratio to 63.4 percent ahead of our target of 64 percent. This reduction in cost to income has occurred while we have also successfully implemented our A$40 million new core banking computer system, integrated two key acquisitions and launched our interstate branch network."
BOQ’s underlying profit for 2004 grew by 42 percent to A$106 million. Significant items included A$6.1 million before tax from the sale of Cashcard and A$2 million in expenses for writing off assets and provision for surplus lease space in the bank’s new Brisbane HQ.
The bank’s adjusted net profit after tax was A$61.7 million, an increase of 38 percent on the 2003 figure.
BOQ chairman Neil Roberts said the strong result was achieved while building the foundations for future growth in shareholder value.
BOQ managing director David Liddy said the result was particularly satisfying as it had been achieved in a year which had seen significant investment in the business.
"The 2004 year saw a continuation of our rebuilding phase to prepare us for the growth ahead, so it is important to recognise the significant achievements in light of that vital investment back into the business," he said.
"The record profit of A$64.5 million is gratifying and comes with a reduction in our cost to income ratio to 63.4 percent ahead of our target of 64 percent. This reduction in cost to income has occurred while we have also successfully implemented our A$40 million new core banking computer system, integrated two key acquisitions and launched our interstate branch network."
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