Non-major announces 16% profit increase

A non-major lender has released its half-year financial report, showing it earned an after-tax profit of more than $100mn



BOQ has today released results for the half-year, ended in February 28, 2013, reporting a 16% increase in cash earnings after tax to $119.9mn and a 37% increase in statutory profit to $100.5mn.

The lender’s annualised lending growth of 3.1% was fully funded by retail deposit growth, with the bank improving its deposit mix and reducing its reliance on wholesale funding during the half.

Managing director and CEO, Stuart Grimshaw, says the improvement in the BOQ’s profitability and other financial indicators underlined the ‘significant’ progress being made.

“Our solid results for this half demonstrate we are delivering against our strategy, with all key financial indicators heading in the right direction. We have worked hard to re-establish BOQ’s business fundamentals and are now organisationally fit and in a better position to focus on sustainable and profitable growth.”

While Grimshaw admits there is still more work to do, he says he’s satisfied with today’s report.

“I am also confident that we have the right strategy and team in place and are building good momentum within our business.”

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