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Floods submerge BoQ profits

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Australian Broker | 27 Mar 2012, 02:00 AM Agree 0
A massive surge in impairments has seen Bank of Queensland flag a $91m first-half loss
  • Steve McClure | 28 Mar 2012, 12:56 PM Agree 0
    BOQ can't blame all of this on natural disasters. They have almost 30 branches in WA, in addition to the other states. The facts are that BOQ dropped all brokers and relied on "quality direct" business. They were complicit with Storm Financial and then had operators go bust (pre-cyclone) in their branch model, leading them to sue BOQ. Now, with a $91M loss, Grimshaw admits that the market questions the quality of their loan book. Meanwhile, the most profitable lenders with the highest quality books, writing well over 80% of new business - are committed to the professional broker channel. Absolute proof of the necessity and value of brokers.
  • 1martym1 | 28 Mar 2012, 01:56 PM Agree 0
    here here Steve the proof is in the pudding. we are the cheapest and most effective distribution model. End of argument. Look at who isnt playing and what happens to their lending volumes and quality.
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