BoQ management restructure
The Bank of Queensland has reported a 40 per cent increase in after-tax profit to $129.8 million.
The result, reported today, reflected the bank’s sale of its credit card portfolio to Citigroup, which it said realised a pre-tax profit of $41.6 million and an after-tax profit of $29.1 million.
The bank said that also included in the current year’s result was the after-tax costs of $2.8 million incurred in relation to the integration of Pioneer and the after tax costs of $9.6 million associated with the proposed merger with Bendigo Bank Limited.
In its report to the Australian Stock Exchange, the bank included the two building society acquisitions it announced in August for 100 per cent of the issued capital of the Mackay Permanent Building Society and 100 per cent of the issued capital of Home Building Society.
The bank said it expected to complete the Mackay Permanent deal in December and the Home Building Society transaction in January.
The Building Society acquisitions also prompted the announcement of a management restructure, which sees the company’s chief financial officer, Robert Hines, become group chief executive, retail financial services, while David Marshall becomes group chief executive of business financial services.
The bank has also recruited a US executive, Ram Kangatharan, who will take on the role of group chief executive and chief financial officer in November.
AUTHOR
Mike Taylor
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