The Bank of Queensland (ASX:BOQ) announced its financial results for the first half of the year ended Feb. 28, revealing a statutory net profit after tax of $136 million.
The figure represents a 20% decline compared to the same period last year, a result partially attributed to a $31 million post-tax loss stemming from the classification of assets held for sale.
Cash earnings after tax also saw a modest dip, falling 4% to $176 million.
A major milestone in this period was the $3.7 billion capital partnership with Challenger involving the sale of equipment finance assets.
The move is expected to facilitate an on-market share buyback and a special franked dividend, aimed at returning capital to shareholders and bolstering earnings per share.
Migration efforts have resulted in 72% of active retail customers using the digital bank, while digital originations now account for 75% of home lending flow.
While home lending growth contracted by $2.24 billion, the bank saw a robust 7% increase in commercial lending, exceeding system growth.
Management remains focused on "disciplined execution", noting that while cash operating expenses rose by 6% year-on-year, costs actually fell by 2% when excluding the impact of integrating the branch network.
Shareholders will receive a dividend of 20 cents per ordinary share, up from 18 cents in H1 FY25.