BOQ posts solid first half profit
Just days after announcing its acquisition of Virgin Money Australia, Bank of Queensland has announced a first half increase in statutory profit after tax of 37 per cent per cent to $100.5 million on the back of a 16 per cent increase in cash earnings to $119.9 million.
The result, for the six months ended 28 February, was described by Bank of Queensland chief executive, Stuart Grimshaw as "solid"
"Our solid results for this half demonstrate we are delivering against our strategy, with all key financial indicators heading in the right direction," he said.
Grimshaw said that the banking group had delivered a number of important strategic initiatives with a key objective having been to expand its distribution footprint.
"We have launched a mortgage broker pilot program in Western Australia and recently announced the acquisition of Virgin Money Australia — a deal which enhances our ability to acquire customers online and open up new market segments," he said.
Looking at immediate future conditions for the banking group, Grimshaw pointed to continuing global instability and continuing uncertainty for many small businesses in Australia.
"on the positive side of the equation, equity market gains were strong in the first half and residential property clearance rates have been reducing available stock, suggesting investor confidence may be beginning to return," he said. "However the risk of ongoing volatility is likely to continue to impact consumer and business confidence in the months ahead."
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