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Lending growth drives strong results for BoQ

Staff Reporter 3 minute read

The Bank of Queensland (BoQ) yesterday delivered a net profit of $65.3 million for the first half of the 2007/08 financial year.

Total housing loans under the bank’s management, before collective provisions, rose by 52 per cent from the prior corresponding period to $11.1 billion.

Managing director David Liddy said that business banking, in particular equipment financing, debtor finance and the SME sectors had all continued to outperform the market.

“We have had 31 per cent growth in the business loans portfolio compared to the first half last year,” he said.

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Describing the bank’s asset quality as ‘pristine’ Mr Liddy said the BoQ’s bad exposures were limited, with only 59 connections with exposures over $10 million.

Moving forward, the bank will continue to focus on diversification of funding sources, which it said had been key to maintaining healthy liquidity.

“We are focusing heavily on accelerating our retail deposits...[and] we continue to diversify our wholesale borrowing, accessing across the inter-bank market, securitisation, short- and long-term senior debt and domestic and offshore markets,” Mr Liddy said.

Published: 11-04-08

Lending growth drives strong results for BoQ
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