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BOQ ASX: Bank of Queensland CEO Patrick Allaway says the company is halfway through a turnaround strategy on earnings miss

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Citi analyst Brendan Sproules said earnings had yet to trough for Bank of Queensland.

CEO Patrick Allaway argued investors hadn’t lost patience yet as it was only halfway through a five year strategy.

Analysts had predicted cash profit to land around $470 million for the year to August 2023. BoQ revealed on Wednesday it was actually $450 million, down 8 per cent on the 2022 period. Along with the profit miss, the bank further fuelled investor pain and cut its final dividend by 3¢ to 21¢ per share.“ outlook commentary suggests that earnings haven’t troughed,” he said.

The CEO would not comment on whether he thought another round of fierce competition was coming for mortgages after Commonwealth Bank’s market share declined between July and August.

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