Bank of Queensland full-year profit jumps to $250M
- Bank of Queensland reports $250 million statutory profit: Statutory net profit after tax surged 88% compared to the prior financial year.
- Cash earnings slip amid mortgage headwind: Underlying cash earnings fell 7% to $358 million as home lending balances contracted 8%.
- Digital shift and commercial expansion drive strategy: Growth in commercial lending and digital deposit intake supported the bank's operational transformation.
Bank of Queensland (ASX:BOQ) reported an 88% increase in statutory net profit after tax to $250 million for the full year ended Aug. 31.
The higher statutory result contrasts with underlying cash earnings after tax, which fell 7% to $358 million due to a lower average interest-earning asset base.
Managing Director and CEO Rod Finch said, “All ME customers are experiencing an end-to-end digital banking proposition. These achievements reflect our progress in simplifying the bank, strengthening our risk foundations and investing in a scalable digital platform.”
The company spruiked its execution in digital banking, noting that 88% of August home lending applications came through digital channels and the platform attracted over $2 billion in new deposits during the year.
Commercial lending grew 16% to $2.06 billion, which helped offset an 8% contraction in home lending balances of $4.63 billion.
Following the announcement, the Bank of Queensland share price was unchanged at $6.49.
The regional lender has focused on simplifying operations by migrating customer accounts from legacy systems onto a single unified digital setup.
Capital returns remain a major theme for the business after it paid a 15-cent special dividend in August and completed part of an ongoing $196 million share buy-back.
