Bank of Queensland Limited (AU:BOQ) has released an update.
Bank of Queensland Limited (BOQ) reported a significant increase in statutory net profit after tax to $151 million for 1H24, despite a 33% drop in cash earnings after tax to $172 million compared to the previous year, due to a challenging environment with lower revenue and higher costs. The bank announced a disciplined strategy execution and strong financial resilience with a 17 cents per share dividend, amidst a competitive lending market leading to a narrow net interest margin of 1.55%. BOQ is focusing on digital transformation, regulatory compliance, and improving shareholder returns through strategic simplification and operational optimization.
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