Bank of Queensland has reported a 221 per cent jump in statutory net profit after tax to $369 million for the year ending 31 August.
The bank posted an 83 per cent rise in cash earnings after tax to $412 million, which BOQ CEO and MD George Frazis said reflected BOQ’s “strong business momentum” during the year.
“Our refreshed strategy announced in February 2020 set out a clear path to return the group to sustainable profitability and today’s results show our momentum with four consecutive halves of improving performance,” Mr Frazis said.
Commenting on BOQ’s acquisition of ME Bank, Mr Frazis said the transaction “delivers further scale in retail, enhances our portfolio diversification, and we have accelerated capturing synergies from the integration”.
BOQ will pay a final fully franked dividend of 22 cents per share, bringing the full-year dividend to 39 cents per share. This represents a 61 per cent payout ratio for FY21.
“We have the capital strength to support our business growth and transformation and our asset quality remains sound with prudent collective provisioning levels,” said Mr Frazis.
“We remain firmly focused on executing on our strategy to transform BOQ into a digital bank with a personal touch to create a compelling proposition for our shareholders, customers, people and the community.”
BOQ has also provided its outlook on the future economic recovery.
“Despite the uncertain environment, we are cautiously optimistic that Australia remains well placed for economic recovery, characterised by further house price rises and solid growth in consumer spending and business investment,” the bank said.
“There may still be uncertainty associated with COVID-19 over the next year. We expect that fiscal and monetary policy will continue to underpin the economic recovery.”
