 Bank of Queensland profits released
Bank of Queensland has announced profits that are better than expected, during this current economic era. Despite the credit crunch, BoQ have released their cash profits, which are up 46 per cent to $155.4 million. Featuring tighter margins and rising bad debt levels, but better-than-expected cost saving, analysts are impressed with the numbers.
There were losses, but also gains, particularly from the integration of WA-based Home Building Society.
BoQ managing director, David Liddy, said the recent conditions were the toughest he had experienced in 40 years.
"(The profit) was a relatively strong result given the prevailing macro circumstances," Hunter Green Institutional Broking analyst Trent Donovan said.
He said the lift in cost efficiencies indicated the Home integration had gone well.
BoQ shares were up too, rising 3.5 per cent to $11.90 yesterday, but are down from the high of $19.54 last year.
Deposits and loans grew at a greater pace than industry averages.
Mr Liddy also said BoQ still considered possible acquisitions, without specifying any possibilities.
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