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Record cash profit for Bank of Queensland

Sarah Stowe

Bank of Queensland has delivered a full year profit and record cash earnings of $357m – up by 19 percent. The bank, which includes a retail franchise model, saw statutory profit after tax increased by 22 percent to $318m.

In a statement to shareholders chairman Roger Davis and MD and CEO Jon Sutton said “Our strategy is also driving improved business performance with key metrics such as growth, margins and asset quality showing improvement.”

Customer strategy

A strategy of putting the ‘Customer in Charge’ helped to widen the choice of channels through which bank customers could engage with the bank and bring about an increase of seven percent in lending. BOQ Specialist, formerly Investec Bank (Australia) Limited’s professional finance and asset finance and leasing businesses, made a significant contribution in its first full financial year since acquisition.

Operational efficiency has been one focus, with intent to reduce the turnaround time on compliant retail and business lending applications and next year the bank will implement a new digitised mortgage origination process.

BOQ undertook a brand refresh around the theme ‘It’s Possible to Love a Bank’ which boosted both brand awareness and Net Promoter Scores. The internal employee engagement score also increased.

There has been growth to the mortgage broker distribution network and in the retail network, a new standardised franchise agreement is being rolled out on a progressive basis for owner managed branches. This is based on balancing lending, deposits, cross sales and compliance components.