BOQ – Citi rates the stock as Neutral

Bank of Queensland has appointed George Frazis as CEO, to take over September 5. Mr. Frazis was formally the chief executive of the consumer bank at Westpac ((WBC)). Citi expects investors will be optimistic about the appointment and believes Bank of Queensland is well-placed as a likely participant in any industry consolidation.

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Has Valuation Support Emerged For BOQ?

Revenue remains the biggest challenge for Bank of Queensland ((BOQ)) as first half results revealed a decline in cash net profit to $182m, largely because of weakness across a number of non-interest income items. Competition is causing the pressure, as banks discount mortgages for new customers, and Bank of Queensland’s lending volumes have suffered over recent years.

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Subdued Outlook Shades Bank Of Queensland

Issues for Bank of Queensland (BOQ) are taking another tack after the company’s first half result release, as the bank flags a re-pricing of its mortgage book. Heightened concerns regarding margin pressure have abated somewhat, as margins were flat in the half, and this latest round of re-pricing should provide support. Most brokers were disappointed at the headline numberss, nevertheless, with revenue growth lower than expected.

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BoQ Hikes Loan Rates

The Bank of Queensland has gone down the greed route by boosting home loan rates, despite reporting a 7% rise in cash earnings for the six months to the end of February and a snazzy 6% rise in interim dividend to 38 cents a share.

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