Already a subscriber?Bank of Queensland shares have surging in their best day on the sharemarket for near 18 months after the regional lender beat half-year earnings forecasts, and even as chief executive Patrick Allaway warned it may still fall short of a turnaround target.that stopped regional lenders from seriously competing with bigger players, Mr Allaway said ongoing profit pressures at BoQ meant that “additional ways” to improve shareholder returns had to be considered.
Mr Allaway said the bank was considering moving more resources away from low-return mortgage lending to more profitable segments“We do recognise that the challenge is large and if structural; we won’t get there with the current pathway,” he said. “We are looking at multiple opportunities to get to where we need to be.
BoQ’s cost-to-income ratio ballooned from 54.9 per cent to 65.9 per cent in the last 12 months, show half-year financial filings released on Wednesday. Return on equity fell to 5.8 per cent from 8.4 per cent across the same time. BoQ’s half-year cash profits fell 33 per cent to $171 million compared to the prior corresponding period, and net-interest margins fell 3 basis points in the last six months to 1.55 per cent. Retail bank earnings fell 59 per cent to just $50 million, and business bank earnings fell 14 per cent to $114 million.
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