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The Bank of Queensland (BoQ) is eyeing various acquisition targets in the hopes of rivalling the majors to become a viable lending alternative.
In its annual report to shareholders yesterday, BoQ said it was expecting to grow its profitability in all aspects of the business ahead of its major competitors while still maintaining pricing and credit disciplines.
Managing director David Liddy said the challenging economic conditions would not stop the bank from growing over the next financial year.
“Not only did we achieve our earnings forecasts, but we also again outpaced the vast majority of our competitors in loan growth,” he said.
“Increasing retail deposits were particularly important during the first half of the year under review, as higher costs of funding led to banks vying for alternative funding sources.”
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