Bank of Queensland cuts costs
Bank of Queensland has reported a 29 per cent normalised first-half cash profit after tax of $84.2 million but a 25 per cent decline in profit from ordinary activities after tax attributable to members to $46.3 million.
The bank reported that revenue from ordinary activities was up 20 per cent to $304 million.
BOQ managing director David Liddy also used the bank’s half year results announcement to reinforce the $50 million in annual cost savings expected by the banking group from its Project Pathways initiative.
He said the bank was making good headway with Project Pathways and had merged the retail financial services and business financial services divisions to create one banking group.
Liddy said the bank had also taken action to rationalise its under-performing branches in New South Wales, where the performance had been below both the bank’s and the owner-manager’s expectations.
AUTHOR
Mike Taylor
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