Bank of Queensland (ASX: BOQ) banks on integrated risk program to improve operational resilience

Thu 10 Aug 23, 11:36 AM | Team Kalkine

Image source: © Tktktk | Megapixl.com

Highlights

Banks of Queensland offers diverse commercial banking, retail banking, insurance and wealth management services through a network of over 160 branches

During the first half of 2023, statutory net profit after tax decreased by 98% YoY

The Australian bank is focused on its digitisation strategy and simplification of banking operations

Australian regional bank, Bank of Queensland (ASX: BOQ) offers a diverse range of commercial banking, retail banking, wealth management and insurance services through more than 160 branches across Australia. The bank manages brands like ME Bank, BOQ Specialist, BOQ Finance, and Virgin Money Australia.

BOQ’s Tier 1 capital ratio improved by 114bps in the first half of 2023 over the previous corresponding period. CET1 improved due to the implementation of Basel III. During the reported period, statutory net profit after tax dropped by 98% YoY to AUD 4 million because of the provision for the integrated risk program and goodwill impairment. However, the net interest income increased by 12.3% to AUD 832 million in 1HFY23.

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