Bank of Queensland Limited (AU:BOQ)
ASX:BOQ
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Bank of Queensland
(Sydney:BOQ)
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Rating:49Neutral
Price Target:
AU$6.50
â–¼(-9.47% Downside)
Action:ReiteratedDate:04/23/26
The score is held down primarily by weakening recent financial performance (revenue/earnings decline, low ROE, historically unstable cash flows) and a technically weak price trend (below major moving averages). Offsetting factors are a supportive income profile (high dividend yield) and a generally constructive earnings update with strong capital, cost discipline guidance, and planned capital return, though NIM and credit/provisioning risks remain near-term constraints.
Positive Factors
Strong Capital Position & Shareholder Return Capacity
A CET1 ratio of 11.18% alongside management plans to return capital after the equipment‑finance sale provides durable balance‑sheet strength and capital flexibility. This buffer supports dividend continuity, buybacks and loss absorption, enabling strategic action without immediate capital raises.
Negative Factors
Earnings Decline and Low Return on Equity
A large recent revenue drop and low ROE (≈2.3%) indicate weakened earnings power relative to capital, constraining internal capital generation. Persistently low returns reduce reinvestment ability, limit buffer against stress and make sustaining dividends and growth initiatives harder without structural margin or volume recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Capital Position & Shareholder Return Capacity
A CET1 ratio of 11.18% alongside management plans to return capital after the equipment‑finance sale provides durable balance‑sheet strength and capital flexibility. This buffer supports dividend continuity, buybacks and loss absorption, enabling strategic action without immediate capital raises.
Read all positive factors
Bank of Queensland (BOQ) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$4.40B
Dividend Yield5.77%
Average Volume (3M)1.89M
Price to Earnings (P/E)8.4
Beta (1Y)1.06
Revenue Growth-4.72%
EPS Growth-67.75%
CountryAU
Employees3,105
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)0.25
Shares Outstanding661,469,500
10 Day Avg. Volume1,608,349
30 Day Avg. Volume1,894,775
Financial Highlights & Ratios
PEG Ratio-0.65
Price to Book (P/B)0.78
Price to Sales (P/S)0.98
P/FCF Ratio26.94
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$6.41Price Target Upside-10.74% Downside
Rating ConsensusHold
Number of Analyst Covering9
EPS Forecast (FY)0.53
Revenue Forecast (FY)AU$1.67B
Bank of Queensland Business Overview & Revenue Model
Company Description
Bank of Queensland Limited, together with its subsidiaries, provides various financial products and services in Australia. The company operates in Retail Banking, BOQ Business, and Other segments. It offers personal banking services comprises savi...
How the Company Makes Money
BOQ primarily makes money through net interest income and fee-based income. Net interest income is earned from the spread between interest received on interest-earning assets (such as residential mortgages, personal loans, and business/commercial ...
Bank of Queensland Earnings Call Summary
Earnings Call Date:Apr 21, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 15, 2026
Earnings Call Sentiment Positive
The call presents a broadly constructive strategic and operational progress narrative: strong capital and liquidity, clear digital migration milestones (300k+ customers, >70% active retail on platform, 75% of mortgage originations through the platform), productivity gains and a transformative Challenger capital partnership that should free up capital and create capital‑light revenue. Near‑term headwinds include an earnings dip (cash earnings down 4%), higher loan impairment expense driven by an asset finance single‑name provision, NIM pressure and timing delays in technology outsourcing impacting productivity timing. Management emphasizes disciplined execution, sub‑inflation cost guidance, provisioning strength and a pathway back to mortgage growth in FY'27. On balance, the positive strategic achievements, capital strength and clear remediation/efficiency trajectories outweigh the near‑term operating and market challenges.Positive Updates
Solid Capital and Dividend
CET1 of 11.18%, up 24 basis points for the half; Board declared a fully franked interim dividend of $0.20 per share (75% payout ratio), and management intends to return capital released from the equipment finance sale to shareholders via a special dividend and on‑market buyback subject to approvals.
Negative Updates
Cash Earnings & Statutory Profit Decline
Cash earnings of A$176m, down 4% on the prior comparable period and 12% on 2H25; statutory net profit after tax A$136m (impacted by amortization, hedging/fair value changes and a A$31m post‑tax held‑for‑sale impact).
Read all updates
Q2-2026 Updates
Positive
Negative
Solid Capital and Dividend
CET1 of 11.18%, up 24 basis points for the half; Board declared a fully franked interim dividend of $0.20 per share (75% payout ratio), and management intends to return capital released from the equipment finance sale to shareholders via a special dividend and on‑market buyback subject to approvals.
Read all positive updates
Company Guidance
Management reiterated FY26 guidance to deliver sub‑inflation cost growth for the full year and a planned reduction in the cost base in H2 (cost guidance unchanged), while continuing to progress the $250m productivity/simplification program (management expects run‑rate benefits by exit FY26 and says the full $30m of annualised benefits remains on track for FY27); capital and capital return plans include CET1 of 11.18% at half, a fully franked interim dividend of $0.20/share (75% payout for the half), intent to return capital from the ~A$3.7bn equipment finance sale via a fully franked special dividend and an on‑market buyback (subject to approvals) with the sale expected to complete by early May; margin and funding guidance includes H1 NIM of 1.67% (Q2 stronger than Q1) and expected H2 tailwinds from February/March cash‑rate moves, favourable term‑deposit spreads, deposit optimisation and the replicating portfolio (noting a one‑off +2bp benefit in H1 will not recur); asset quality and loss guidance: H1 loan impairment expense A$20m (5bps to GLA), provisions A$298m (39bps to GLA, A$68m above base scenario) with a 100% downside scenario implying an incremental A$24m provisioning need and management expecting losses to remain below long‑run averages in the near term; lending and liquidity guidance: >A$23bn of home loans on the digital platform with ~75% of home lending originations digital (March), home lending expected to return to growth in FY27, business lending target to grow at system in H2, LCR ~141%, deposit‑to‑loan ~85%, held deposits ~72% of funding and targeted liquidity/funding optimisation following the sale; investment and amortisation: H1 investment A$77m, ~85% of software intangibles in use, amortisation expected to end FY26 close to A$100m and to rise a further ~20–25% into the FY27 peak before stabilising.Bank of Queensland Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
52
Neutral
Cash Flow
38
Negative
| Breakdown | TTM | Aug 2025 | Aug 2024 | Aug 2023 | Aug 2022 | Aug 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.99B | 4.72B | 5.08B | 4.20B | 1.63B | 1.27B |
| Gross Profit | 1.66B | 1.18B | 1.60B | 1.75B | 1.65B | 1.27B |
| EBITDA | 236.00M | 332.00M | 557.00M | 415.00M | 731.00M | 628.00M |
| Net Income | 98.00M | 133.00M | 285.00M | 124.00M | 409.00M | 368.00M |
Balance Sheet | ||||||
| Total Assets | 98.30B | 100.53B | 103.04B | 105.35B | 99.91B | 91.44B |
| Cash, Cash Equivalents and Short-Term Investments | 3.46B | 0.00 | 3.15B | 2.58B | 2.45B | 2.35B |
| Total Debt | 15.24B | 17.66B | 18.19B | 21.03B | 21.01B | 18.31B |
| Total Liabilities | 92.41B | 94.62B | 97.02B | 99.22B | 93.25B | 85.24B |
| Stockholders Equity | 5.90B | 5.91B | 6.02B | 6.13B | 6.67B | 6.20B |
Cash Flow | ||||||
| Free Cash Flow | 647.00M | 172.00M | -1.05B | -2.20B | -6.40B | -3.30B |
| Operating Cash Flow | 655.00M | 185.00M | -865.00M | -2.20B | -6.36B | -3.29B |
| Investing Cash Flow | 1.28B | 2.55B | 14.00M | -142.00M | -192.00M | -873.00M |
| Financing Cash Flow | -2.43B | -2.63B | -1.46B | 5.13B | 6.44B | 5.37B |
Bank of Queensland Technical Analysis
Positive
7.18
Price Trends
6.98
Positive
6.76
Positive
6.95
Positive
Market Momentum
0.13
Negative
61.17
Neutral
74.66
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:BOQ, the sentiment is Positive. The current price of 7.18 is above the 20-day moving average (MA) of 7.06, above the 50-day MA of 6.98, and above the 200-day MA of 6.95, indicating a bullish trend. The MACD of 0.13 indicates Negative momentum. The RSI at 61.17 is Neutral, neither overbought nor oversold. The STOCH value of 74.66 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:BOQ.
Bank of Queensland Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | AU$291.71B | 12.51 | 13.27% | 3.00% | 0.93% | 5.97% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | AU$133.26B | 9.26 | 9.55% | 3.90% | 1.57% | 0.13% | |
60 Neutral | AU$16.04B | 1.52 | 20.57% | 2.83% | 49.44% | 315.41% | |
58 Neutral | AU$122.60B | 19.98 | 8.08% | 4.00% | -4.56% | -1.63% | |
57 Neutral | AU$6.14B | 6.45 | -1.25% | 5.99% | -2.90% | -117.39% | |
49 Neutral | AU$4.40B | 8.44 | 1.66% | 5.77% | -4.72% | -67.75% |
* Financial Sector Average
AU:BOQ
Bank of Queensland
6.61
-0.49
-6.94%
AU:BEN
Bendigo & Adelaide Bank
10.57
>-0.01
-0.07%
AU:NAB
National Australia Bank Limited
40.20
5.78
16.78%
AU:WBC
Westpac Banking
38.98
7.71
24.66%
AU:SOL
Washington H. Soul Pattinson and Co.
41.62
5.51
15.26%
AU:CBA
Commonwealth Bank of Australia
174.49
16.11
10.17%
Bank of Queensland Corporate Events
Bank of Queensland Publishes Basel III Pillar 3 Quarterly Disclosures
Apr 21, 2026
Bank of Queensland has released its quarterly APRA Basel III Pillar 3 report for the period ended 28 February 2026, providing updated regulatory capital and risk disclosures to the market. The publication of this report underscores the bank’...
Bank of Queensland Issues Cautious Half-Year 2026 Investor Materials
Apr 21, 2026
Bank of Queensland has released investor materials for its half-year results to 28 February 2026, presenting cash-earnings-based financial information in summary form alongside other periodic disclosures. The documentation is positioned as backgro...
BOQ profit dips as digital push accelerates and capital deal unlocks shareholder returns
Apr 21, 2026
Bank of Queensland reported a 20% fall in statutory net profit after tax to $136 million and a 4% decline in cash earnings to $176 million for the half year to 28 February 2026, as margin pressure and higher costs offset income gains. The bank non...
Bank of Queensland Announces A$0.20 Interim Dividend for Shareholders
Apr 21, 2026
Bank of Queensland has declared an interim dividend of A$0.20 per ordinary fully paid share, relating to the six-month period ended 28 February 2026. The dividend will trade ex-dividend on 4 May, with a record date of 5 May and payment scheduled f...
Bank of Queensland Posts Higher Revenue but 20% Profit Slide in First Half 2026
Apr 21, 2026
Bank of Queensland reported half-year revenues of $835 million for the six months to 28 February 2026, a 4% increase on the prior corresponding period, underscoring modest top-line growth in a competitive banking environment. The bank’s ordi...
Bank of Queensland Reports Lapse of Deferred Equity Award Rights
Apr 14, 2026
Bank of Queensland has reported the cessation of several classes of deferred award rights, including BOQAY, BOQAS, and BOQAAC, after the conditions attached to these equity-based incentives were not met or became incapable of being satisfied by 31...
Bank of Queensland Expands Share Capital via Conversion of Unquoted Securities
Apr 13, 2026
Bank of Queensland has issued 278,418 new ordinary fully paid shares following the conversion or exercise of previously unquoted options or other convertible securities. The issuance, dated 31 March 2026, reflects movements under the bank’s ...
Bank of Queensland Sets April Date for First-Half 2026 Results and Webcast
Apr 13, 2026
Bank of Queensland has announced that it will release its financial results for the half year ended 28 February 2026 on 22 April 2026, providing investors and analysts with an update on its performance in the current operating environment. The ban...
BOQ Strikes Challenger Capital Deal to Offload Loans and Boost Returns
Apr 6, 2026
Bank of Queensland has entered a strategic capital partnership with Challenger involving a $3.7 billion whole-of-loan sale and a forward flow arrangement for equipment finance assets, primarily serving SME customers. The deal shifts direct credit ...
Bank of Queensland Sets June 2026 Distribution on Perpetual Capital Notes
Mar 17, 2026
Bank of Queensland has declared a quarterly distribution on its ASX-listed capital notes BOQPG, a perpetual, non-cumulative instrument paying a margin of 3.40% over the bank bill swap rate. The distribution of AUD 1.3218 per note will be paid on 1...
Bank of Queensland Director Patrick Allaway Receives Additional Equity Awards
Jan 29, 2026
Bank of Queensland has disclosed a change in the security holdings of director Patrick Allaway, detailing both his direct and indirect interests in the bank’s equity. The filing shows that Allaway has received 207,485 Executive Performance R...
Bank of Queensland Issues Over 1.2 Million Unquoted Performance Rights Under Incentive Plan
Jan 29, 2026
Bank of Queensland Limited has notified the market of the issue of 1,202,804 unquoted performance rights under its employee incentive scheme, identified under the ASX security code BOQAAG, with an issue date of 23 January 2026. The issuance of the...
Bank of Queensland Promotes Transformation Chief Rod Finch to CEO
Jan 28, 2026
Bank of Queensland has appointed its Chief Transformation and Operations Officer, Rod Finch, as Chief Executive Officer and Managing Director effective 1 March 2026, succeeding Patrick Allaway, who retires from his executive role at the end of Feb...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.