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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