Bank of Queensland shares surge as profit lifts to $426m
Bank of Queensland shares jumped 8 per cent this morning after the company reported a $426 million net profit, 15 per cent increase on 2021.
Dividends in the company were increased 9 per cent for the second half to 24 cents a share.
The results revealed the bank’s housing loan growth was 7 per cent to $4.4 billion. Its recently acquired ME Bank returned to growth in housing loans.
Business loans were up a similar amount.
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The bank also said Australia’s economy was well placed although there were threats from inflation, interest rates, a weakening global economy, geopolitical tensions and supply chain and labour disruptions.
Managing director George Frazis said underlying profit increased by only 1 per cent.
“We are a step closer to building a truly multi-brand, cloud-based, digital retail bank with the launch of myBOQ joining Virgin Money Australia on the new common core digital banking platform to enhance our customer experience,” he said.
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