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.
Bank of Queensland managing director George Frazis will be replaced after three years in the role. (file image)
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.
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.
