Bank of Queensland announced a $268 million increase in half-year revenue and will pay shareholders a 22¢ interim dividend as the lender continues its integration of superfund-owned ME Bank amid uncertain economic conditions .
The BoQ reported on Thursday that growth in personal loans, businesses and customer deposits contributed to a 14% increase in cash profits in the six months to Dec. 31.
Home loans increased 9% to $2.6 billion, business loans increased 8% to $600 million, and deposit balances increased $1.8 billion during the year. period, contributing to a 38% increase in statutory net profit after tax of $212 million.
BoQ acquired ME Bank last July after decades of ownership by industry pension funds. The BoQ said ME Bank’s home loan portfolio returned to the black, growing 2% in the half after falling in the previous two halves.
Chief executive George Frazis said the integration of ME Bank had progressed well in mixed economic conditions.
“Australia remains well-positioned to continue the economic recovery, with low unemployment, strong terms of trade and a significant pipeline of residential and infrastructure construction to be completed,” he said. . “However, uncertainty remains given geopolitical tensions, high inflation, rising interest rates, supply chain and labor disruptions.”
Digging into the details, the BoQ said its net interest margin – the key measure of profitability – fell 0.12% while the allowance for bad debts was reduced by $15 million in economic conditions. more favorable.
Shareholders will receive the fully franked dividend on May 26, an increase of 29% over the corresponding period.